House Bill 688

AN ACT TO REQUIRE FINANCIAL INSTITUTIONS CHARTERED IN THIS STATE THAT MAINTAIN CERTAIN ACCOUNTS WITH FOREIGN FINANCIAL INSTITUTIONS TO ESTABLISH DUE DILIGENCE POLICIES, PROCEDURES AND CONTROLS REASONABLY DESIGNED TO DETECT WHETHER THE UNITED STATES SECRETARY OF THE TREASURY HAS FOUND THAT THE FOREIGN FINANCIAL INSTITUTION KNOWINGLY FACILITATES THE EFFORTS OF THE GOVERNMENT OF IRAN TO ACQUIRE OR DEVELOP WEAPONS OF MASS DESTRUCTION OR THEIR DELIVERY SYSTEMS, OR PROVIDES SUPPORT FOR AN ORGANIZATION DESIGNATED BY THE UNITED STATES AS A FOREIGN TERRORIST ORGANIZATION; TO DIRECT THE COMMISSIONER OF BANKING TO ADOPT RULES ESTABLISHING MINIMUM STANDARDS FOR DUE DILIGENCE POLICIES, PROCEDURES AND CONTROLS REQUIRED BY THIS ACT; TO REQUIRE EACH FINANCIAL INSTITUTION CHARTERED IN THIS STATE TO CERTIFY ANNUALLY TO THE DEPARTMENT OF BANKING THAT THE FINANCIAL INSTITUTION HAS ADOPTED AND SUBSTANTIALLY COMPLIES WITH THE DUE DILIGENCE POLICIES, PROCEDURES AND CONTROLS REQUIRED BY THIS ACT AND THE RULES ADOPTED UNDER THIS ACT, AND THAT THE FINANCIAL INSTITUTION DOES NOT MAINTAIN CERTAIN TYPES OF ACCOUNTS WITH A FOREIGN FINANCIAL INSTITUTION THAT KNOWINGLY ENGAGES IN ANY ACTIVITY DESCRIBED IN THIS ACT; TO AUTHORIZE THE COMMISSIONER TO IMPOSE AN ADMINISTRATIVE FINE AGAINST A FINANCIAL INSTITUTION THAT FAILS TO MAKE THE ANNUAL CERTIFICATION REQUIRED BY THIS ACT; AND FOR RELATED PURPOSES.

In the House of Representatives

• Percy W. Watson

  Sponsor

l9n doesn't hold this bill's text yet.

In the House of Representatives Jan 21 – Feb 5

1. Jan 21Referred to the House committee on Banking and Financial Services
2. Feb 5Died in committee in the House