CS/HB 613 (2012) Summary

• Requires Florida-chartered financial institutions maintaining correspondent or payable-through accounts with foreign financial institutions to establish due diligence policies, procedures, and controls to detect involvement in weapons of mass destruction development for Iran, support for foreign terrorist organizations, or related sanctioned activities.

• Mandates the Financial Services Commission adopt minimum standards for these due diligence policies by July 1, 2012.

• Requires each Florida-chartered financial institution to certify annually to the Office of Financial Regulation (by January 1, beginning in 2013) that it complies with required due diligence policies and does not maintain accounts with prohibited foreign financial institutions.

• Directs the Office of Financial Regulation to submit annual compliance reports to the Governor, President of the Senate, and Speaker of the House by January 31 each year, and make these reports publicly available on its website.

• Authorizes the Office of Financial Regulation to impose administrative fines up to $100,000 per occurrence against institutions that fail to provide required annual certifications.