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Europe’s Banks Say CISADA Rules Would Give Them Little Time to Comply
By Colby Adams
printEuropean banks are asking the U.S. Treasury Department to amend proposed regulations that would require them to conduct three-month look-backs within 30 days of a request by American officials. The proposed rules, published by the department's Financial Crimes Enforcement Network (FinCEN) in April, would require U.S. banks to obtain assurances that the foreign banks they work with have not processed transactions for blacklisted Iranian entities within the previous 90 days. But "providing details of all transactions within 30 days (or less) would be extremely burdensome for any large banking group with a number of cross-jurisdictional operations, said the European Banking...
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