FL H0885

Creates Section 655.969 of Florida Statutes requiring state-chartered financial institutions to report information on correspondent and payable-through accounts with foreign financial institutions owned by countries under U.S. Treasury sanctions programs.

Mandates identification and reporting of the source of every transaction passing through such foreign correspondent accounts to the Office of Financial Regulation within 5 business days.

Requires financial institutions to certify that transaction sources do not involve confiscated property as defined in the Cuban Liberty and Democratic Solidarity Act of 1996 (22 U.S.C. sections 6023(4) and (12)).

Takes effect July 1, 2017.