International banks with a presence in Florida should take note of the passage of Senate Bill 806, which will take effect Thursday. The new law limits the ability of private civil litigants to obtain records and other documents located abroad from an international banking corporation’s branch or agency office in Florida.
SB 806 is the culmination of years of negotiation with Florida legislative and regulatory staff and advocacy led by the international banking industry, represented by the Florida International Bankers Association. Although a product of compromise, SB 806 appears to be an important triumph for financial privacy advocates in the state.
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