11687159, 69U-100.964 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 11687159

Notice of Proposed Rule

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

FSC - Financial Institution Regulation

Chapter:

FINANCIAL INSTITUTIONS GENERALLY

Overview

RULE:

69U-100.964

Transactions Relating to Iran or Terrorism

PURPOSE:

The proposed new rule adopts federal standards set by the U.S. Treasury Department, Office of Foreign Assets Control, in 31 C.F.R. Part 561 to establish the minimum standards for due diligence policies, procedures, and controls for Florida state chartered financial institutions that maintain certain accounts with foreign financial institutions, to reasonably detect whether the foreign financial institution engages in certain activities facilitating the development of weapons of mass destruction by the Government of Iran, provides support for certain foreign terrorist organizations, or participates in other related activities.

SUMMARY:

Jeffrey Jones, Office of Financial Regulation, jeffrey.jones@flofr.com.

RULEMAKING AUTHORITY:

655.012, 120.54(1)(f) FS., Ch. 2012-201, Laws of Fla.

LAW:

Ch. 2012-201, Laws of Fla.

PRINT PUBLISH DATE:

7/6/2012 Vol. 38/27

COMMENTS:

From 7/6/2012 To 7/27/2012 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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