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CISADA Certification Plan Would Be ‘Huge Unfunded Mandate’ for Banks, Say ABA Officials
printProposed amendments to an Iran sanctions law that would require U.S. banks to certify whether their foreign counterparts do business with blacklisted Iranians would be a "huge" compliance burden if implemented, say top officials at the nation's largest financial trade group. The American Bankers Association (ABA) is also lobbying against proposed IRS regulations that would require American financial institutions to disclose the accounts of certain foreign clients, according to Frank Keating, a two-term governor of Oklahoma who became the chief executive officer of the Washington, D.C.-based organization in January. Keating, a former FBI agent and U.S. attorney, and Richard Riese,...
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