Florida Senate - 2017                                    SB 1482
       By Senator Garcia
       36-01545-17                                           20171482__
    1                        A bill to be entitled                      
    2         An act relating to transactions with foreign financial
    3         institutions; creating s. 655.969, F.S.; requiring
    4         financial institutions maintaining correspondent or
    5         payable-through accounts with certain foreign
    6         financial institutions to report and certify specified
    7         information to the Office of Financial Regulation;
    8         providing an effective date.
   10  Be It Enacted by the Legislature of the State of Florida:
   12         Section 1. Section 655.969, Florida Statutes, is created to
   13  read:
   14         655.969 Correspondent accounts or payable-through accounts
   15  with a foreign financial institution; reporting.—A financial
   16  institution chartered in this state which maintains a
   17  correspondent account or a payable-through account with a
   18  foreign financial institution that is owned by a country under a
   19  sanctions program administered by the United States Department
   20  of the Treasury must, within 5 business days, identify and
   21  report to the office the source of every transaction that passes
   22  through the account and certify that the source does not involve
   23  any confiscated property, as defined in the Cuban Liberty and
   24  Democratic Solidarity Act of 1996, 22 U.S.C. 6023(4) and (12).
   25         Section 2. This act shall take effect July 1, 2017.