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FinCEN Outlines Planned Iran Reporting Requirement
By Colby Adams and Brian Monroe
printThe U.S. Treasury Department proposed rules Wednesday that would require banks to inform the government of whether their foreign counterparts hold accounts for blacklisted Iranian individuals and organizations. The planned reporting requirement, which comes as part of the July 2010 Comprehensive Iran Sanctions, Accountability, and Divestment Act (CISADA), would be invoked only in instances when a bank receives a request letter from the department's Financial Crimes Enforcement Network (FinCEN). The proposal seems to drop potential compliance duties under the 2010 law, which gave FinCEN the power to require U.S. banks to perform sanctions audits on the financial institutions they keep...
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