Florida Senate - 2012                          SENATOR AMENDMENT
       Bill No. SB 792
       
       
       
       
       
       
                                Barcode 667878                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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                Floor: 1/AD/2R         .                                
             02/07/2012 12:05 PM       .                                
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       Senator Gaetz moved the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete lines 94 - 120
    4  and insert:
    5         (3) By July 1, 2012, the Financial Services Commission
    6  shall adopt rules establishing minimum standards for due
    7  diligence policies, procedures, and controls required by this
    8  section.
    9         (4) By January 1, 2013, and each January 1 thereafter, each
   10  financial institution chartered in this state must certify to
   11  the Office of Financial Regulation that the financial
   12  institution has adopted and substantially complies with the due
   13  diligence policies, procedures, and controls required by this
   14  section and the rules adopted under this section, and that to
   15  the best knowledge of the financial institution, the financial
   16  institution does not maintain a correspondent account or a
   17  payable-through account with a foreign financial institution
   18  that knowingly engages in any act described in subsection (2).
   19         (5) By January 31, 2013, and each January 31 thereafter,
   20  the Office of Financial Regulation must submit a report to the
   21  Governor, the President of the Senate, and the Speaker of the
   22  House of Representatives which contains a copy of the rules
   23  required under subsection (3) and the status of the
   24  certifications of compliance received from the financial
   25  institutions charted in this state.
   26         (6) The Office of Financial Regulation shall make its
   27  annual compliance report under this section available on its
   28  website.
   29         (7) The Office of Financial Regulation may impose an
   30  administrative fine, not to exceed $100,000 per occurrence,
   31  against a
   32  
   33  ================= T I T L E  A M E N D M E N T ================
   34         And the title is amended as follows:
   35         Delete lines 13 - 26
   36  and insert:
   37         the Financial Services Commission to adopt rules
   38         establishing minimum standards for the due diligence
   39         policies, procedures, and controls; requiring a
   40         financial institution chartered in this state to
   41         annually file a compliance certificate with the Office
   42         of Financial Regulation; requiring that the Office of
   43         Financial Regulation submit an annual report relating
   44         to the Financial Services Commission rules and
   45         certifications from financial institutions to the
   46         Governor, the President of the Senate, and the Speaker
   47         of the House of Representatives; requiring that the
   48         Office of Financial Regulation make the annual report
   49         available to the public on its website; authorizing
   50         the Office of Financial Regulation to impose an
   51         administrative fine