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.