The proposed rule establishes minimum standards for due diligence policies, procedures, and controls for financial institutions chartered in Florida that maintain certain accounts with foreign financial institutions, to reasonably detect whether the ...

DEPARTMENT OF FINANCIAL SERVICES
FSC - Financial Institution Regulation

RULE NO.: RULE TITLE:
69U-100.1000: Transactions Relating to Iran or Terrorism
PURPOSE AND EFFECT: The proposed rule establishes minimum standards for due diligence policies, procedures, and controls for financial institutions chartered in Florida that maintain certain accounts with foreign financial institutions, to reasonably detect whether the foreign financial institution engages in certain activities facilitating the development of mass destruction by the Government of Iran, provides support for certain foreign terrorist organizations, or participates in other related activities.
SUBJECT AREA TO BE ADDRESSED: Regulation of Financial Institutions.
RULEMAKING AUTHORITY: 655.012, 120.54(1)(f) FS., SB 792 (enrolled)
LAW IMPLEMENTED: SB 792 (enrolled)
IF REQUESTED IN WRITING AND NOT DEEMED UNNECESSARY BY THE AGENCY HEAD, A RULE DEVELOPMENT WORKSHOP WILL BE NOTICED IN THE NEXT AVAILABLE FLORIDA ADMINISTRATIVE WEEKLY.
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE DEVELOPMENT AND A COPY OF THE PRELIMINARY DRAFT, IF AVAILABLE, IS: Jeffrey Jones, Office of Financial Regulation, [e-mail]

THE PRELIMINARY TEXT OF THE PROPOSED RULE DEVELOPMENT IS NOT AVAILABLE.