Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (“CISADA”) Reporting Requirements Under Section 104(e)

 
Docket ID: FINCEN-2011-0002
Agency: Financial Crimes Enforcement Network (FINCEN)
Parent Agency: Department of the Treasury (TREAS)
Summary:
FinCEN, to comply with the congressional mandate to prescribe regulations under section 104(e) of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (“CISADA”) and consistent with its statutory mission under 31 U.S.C. 310, is proposing to issue regulations that would require a U.S. bank that maintains a correspondent account for a foreign bank to inquire of the foreign bank, and report to FinCEN, with respect to whether the foreign bank maintains a correspondent account for, or has processed one or more transfers of funds within the preceding 90 calendar days, other than through a correspondent account, related to any financial institution designated by the U.S. Government in connection with Iran's proliferation of weapons of mass destruction or delivery systems for weapons of mass destruction, or in connection with Iran's support for international terrorism. In addition, FinCEN is proposing to require a U.S. bank that maintains a correspondent account for a foreign bank to inquire of the foreign bank, and report to FinCEN, with respect to whether the foreign bank has processed one or more transfers of funds within the preceding 90 calendar days related to Iran’s Islamic Revolutionary Guard Corps (“IRGC”) or any of its agents or affiliates designated by the U.S. Government. Under the proposed regulations, U.S. banks will only be required to report this information to FinCEN upon a specific written request from FinCEN.
RIN: Not Assigned
Docket Details open glossary dialog  
Related RINs: None
Related Dockets: None
Organization: Fincen
Keyword(s): Iran, Foreign Financial sanctions
Type: Rulemaking
 

Primary Documents

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Comment Period Closed
Jun 01, 2011 11:59 PM ET
Proposed Rule
Posted: 05/02/2011
ID: FINCEN-2011-0002-0001

Supporting Documents

 
No documents available.

Comments

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7
Comments Received*
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