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. 9 10 Be It Enacted by the Legislature of the State of Florida: 11 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.