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FinCEN Finalizes CISADA Letter Request Rules
By Colby Adams
printThe U.S. Treasury Department finalized regulations Wednesday requiring banks to ask their correspondent financial institutions about accounts tied to Iran when requested to do so by U.S. officials. The final rules largely keep intact an April proposal welcomed by banks but criticized by seven lawmakers as too weak to be effective. The regulation outlines how the Financial Crimes Enforcement Network (FinCEN) can require U.S. institutions to ask specific foreign institutions they have correspondent accounts with to turn over data on Iranian transactions. The data, which would cover the previous three-month period of financial activity at a foreign institution, will be...
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