The federal Office of Foreign Assets Control has released an interim final rule that explains how it will apply anti-money-laundering regulations to banking institutions.
OFAC, an arm of the U.S. Treasury Department, says the rule will take effect for banking institution enforcement cases starting after Feb. 12.
The interim rule, which supercedes the portions of a January 2003 OFAC rule that apply to banking institutions, does not apply to life insurers, other insurers, reinsurers, pension funds or a variety of other non-bank financial institutions, officials write in the preamble to the interim final rule, which appears today in the Federal Register.
“Commenters are asked for their suggestions on how enforcement procedures should be modified to apply to these other financial sector entities, and whether and how enforcement procedures for financial sector firms should vary depending on the regulatory regime, if any, to which various financial sector firms are subject,” officials write.
The officials also ask for suggestions about how OFAC should handle OFAC-regulated companies at giant corporations that may include state-regulated insurance companies and a variety of other affiliates that might lie outside the scope of the new interim rule.
A copy of the final interim rule is on the Web at Document Link