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Financial Crimes Enforcement Network: Iran Sanctions, Accountability, and Divestment Act of 2010 Reporting Requirements

Document ID: FINCEN-2011-0002-0001
Document Type: Proposed Rule
Agency: Financial Crimes Enforcement Network
Topics: Banks and Banking, Counter-Terrorism, Foreign Banking, Reporting and Recordkeeping Requirements, Terrorism
Federal Register Number: 2011-10482
CFR Citation: 31 CFR Part 1060
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Details Information

Abstract: 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 receiving a specific written request from FinCEN.
Document Subtype: NPRM
Received Date: May 02 2011, at 12:00 AM Eastern Daylight Time
Start-End Page: 24410 - 24421
Comment Start Date: May 2 2011, at 12:00 AM Eastern Standard Time
Comment Due Date: June 1 2011, at 11:59 PM Eastern Standard Time

Comments

    View All
Total: 7
Comment on FR Doc # 2011-10482
Submitter: Kyl, Jon    Posted: 05/12/2011     ID: FINCEN-2011-0002-0002

Jun 01,2011 11:59 PM ET
Comment on FR Doc # 2011-10482
Submitter: Seabron, Nichole    Posted: 06/01/2011     ID: FINCEN-2011-0002-0004

Jun 01,2011 11:59 PM ET
Comment on FR Doc # 2011-10482
Submitter: Ravoet, Guido    Posted: 06/01/2011     ID: FINCEN-2011-0002-0005

Jun 01,2011 11:59 PM ET
Comment on FR Doc # 2011-10482
Posted: 06/01/2011     ID: FINCEN-2011-0002-0006

Jun 01,2011 11:59 PM ET
Comment on FR Doc # 2011-10482
Submitter: Rowe, III, Robert    Posted: 06/01/2011     ID: FINCEN-2011-0002-0007

Jun 01,2011 11:59 PM ET

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