P.R. Laws tit. 7, § 232e-1
(a) Every license shall remain in effect until its expiration, which shall be on the anniversary date of the original license.
(b) Every license renewal application shall be submitted within thirty (30) days before the expiration date of each license. It shall contain:
(1) A description of any material change in the information provided to OCIF in the initial license application.
(2) Evidence that the licensee maintains the capital required by the Commissioner as provided in § 232c of this title, computed in accordance with generally accepted accounting principles.
(3) A statement, as provided in the regulations of the Commissioner, undersigned by the chief executive officer or any other executive officer expressly authorized by the Board of Directors of the concerned institution, certifying:
(A) That the international banking entity has implemented the necessary and appropriate procedures and systems to comply with the provisions of the Bank Secrecy Act;
(B) a statement acknowledging the entity’s management responsibility to establish in such entity, and to maintain and comply with the Bank Secrecy Act Compliance Program;
(C) that the necessary policies and procedures have been adopted in the entity to comply with the provisions of OFAC, as applicable, and
(D) any other related information that the Commissioner may require by regulations.
(c) Annual license fees totaling five thousand dollars ($5,000) for each office, by cashier’s check, certified check, postal or bank money order, payable to the Secretary of the Treasury. The Commissioner may extend the license renewal period.
(d) If the licensee fails to file the license renewal application and/or fails to pay the applicable fees within the established term or during any additional term that the Commissioner authorizes, if any, it shall be understood that the licensee intends to surrender the license to operate an international banking entity, and shall follow the process established therefor by Regulations, and may not continue operating such business.
History —Aug. 11, 1989, No. 52, p. 178, added as § 8 on Sept. 23, 2013, No. 110, § 3.