P.R. Laws tit. 7, § 232j-1
Every holder of an international banking entity license shall:
(a) Adopt written business policies and procedures to ensure that the international banking entity complies with the applicable state and federal laws, including this Act, the Bank Secrecy Act, and the USA Patriot Act.
(b) Faithfully comply with the applicable state and federal laws and the regulations applicable to the international banking entity, including §§ 232 et seq. of this title, the Bank Secrecy Act, and the USA Patriot Act.
(c) File currency transaction or suspicious activity reports required by the Bank Secrecy Act and the USA Patriot Act, when necessary.
(d) Follow the practice rules and procedures that are necessary in the business to meet the requirements of OFAC, as applicable.
History —Aug. 11, 1989, No. 52, p. 178, added as § 14 on Sept. 23, 2013, No. 110, § 5.