FinCEN Proposes Regulations to Implement CISADA Provision Involving Non-U.S. Banks

April 28, 2011

On April 27, 2011, the Financial Crimes Enforcement Network (“FinCEN”) proposed new regulations to implement statutory requirements under Section 104(e) of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (“CISADA”). The proposed regulations are designed to provide FinCEN with greater access to information about the Iranian dealings of foreign banks that have correspondent accounts with U.S. banks.

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FinCEN Proposes Regulations to Implement CISADA Provision Involving Non-U.S. Banks