CS/CS/CS/HB 1383 Summary

• Creates section 655.969 requiring state-chartered financial institutions maintaining correspondent or payable-through accounts with foreign financial institutions owned by U.S. sanctioned countries to report transaction sources within 5 business days and certify no confiscated property involvement.

• Defines "international trust entity" as international trust companies or businesses licensed to conduct trust business in foreign countries and repeals this definition July 1, 2017.

• Establishes a moratorium until June 30, 2017 on enforcement of licensing requirements for organizations providing services to international trust entities, with specific eligibility criteria including clean regulatory history, no criminal convictions, and no fiduciary activities.

• Requires organizations seeking moratorium protection to notify the Office of Financial Regulation by July 1, 2016 with detailed documentation of business activities, proof of entity good standing, and officer information.

• Provides office procedures to process requests within specified timeframes (30-90 days), authorize onsite inspections, and issue immediate final orders disqualifying entities that make material false statements.