FL S0792

State-chartered financial institutions maintaining correspondent or payable-through accounts with foreign financial institutions must establish due diligence policies and procedures to detect involvement in weapons of mass destruction development by Iran, support for designated foreign terrorist organizations, or related sanctions violations.

Financial institutions must specifically monitor for activities including facilitation of Iran's weapons programs, support for designated terrorist organizations, money laundering related to Iran sanctions, and significant transactions involving Iran's Revolutionary Guard Corps.

Financial Services Commission must adopt minimum standards for due diligence policies by July 1, 2012, and state-chartered financial institutions must file annual compliance certifications starting January 1, 2013.

Office of Financial Regulation must submit annual reports to the Governor, President of the Senate, and Speaker of the House by January 31 each year, detailing adopted rules and institutional compliance certifications, with reports made available to the public.

Office of Financial Regulation may impose administrative fines up to $100,000 per occurrence against financial institutions that fail to file required annual certifications.