I 

112TH CONGRESS 

2D SESSION H. R. 3880 

To require the imposition of sanctions on foreign financial institutions that 

are members of an entity that provides services relating to secure communications, electronic funds transfers, or cable transfers to the Central 

Bank of Iran or sanctioned financial institutions. 

IN THE HOUSE OF REPRESENTATIVES 

FEBRUARY 2, 2012 

Ms. ROS-LEHTINEN (for herself, Mr. ROYCE, and Mr. CHABOT) introduced 

the following bill; which was referred to the Committee on Foreign Affairs, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned 

A BILL 

To require the imposition of sanctions on foreign financial 

institutions that are members of an entity that provides 

services relating to secure communications, electronic 

funds transfers, or cable transfers to the Central Bank 

of Iran or sanctioned financial institutions. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 


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•HR 3880 IH

1 SECTION 1. IMPOSITION OF SANCTIONS ON FOREIGN FI2 NANCIAL INSTITUTIONS THAT ARE MEMBERS 

3 OF ENTITIES THAT PROVIDE CERTAIN SERV4 ICES TO THE CENTRAL BANK OF IRAN OR 

5 SANCTIONED FINANCIAL INSTITUTIONS. 

6 (a) IN GENERAL.—Section 104(c) of the Comprehen7 sive Iran Sanctions, Accountability, and Divestment Act 

8 of 2010 (22 U.S.C. 8513(c)) is amended— 

9 (1) in paragraph (2)— 

10 (A) in subparagraph (D), by striking ‘‘; 

11 or’’ and inserting a semicolon; 

12 (B) in subparagraph (E)(ii)(II), by strik13 ing the period and inserting ‘‘; or’’; and 

14 (C) by adding at the end the following: 

15 ‘‘(F) except as provided in paragraph (4), 

16 employs a member of the board of directors of 

17 an entity that— 

18 ‘‘(i) provides services relating to se19 cure communications, electronic funds 

20 transfers, or cable transfers; and 

21 ‘‘(ii) provides such services to, or en22 ables or facilitates access to such services 

23 for, the Central Bank of Iran or a finan24 cial institution described in subparagraph 

25 (E)(ii).’’; and 

26 (2) by adding at the end the following: 


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1 ‘‘(4) EXCEPTIONS RELATING TO PROVISION OF

2 SECURE COMMUNICATIONS, ELECTRONIC FUNDS

3 TRANSFERS, OR CABLE TRANSFERS.—The Secretary 

4 of the Treasury may not prohibit, or impose strict 

5 conditions on, the opening or maintaining in the 

6 United States of a correspondent account or a pay7 able-through account by a foreign financial institu8 tion for employing a member of the board of direc9 tors of an entity that provides services described in 

10 paragraph (3)(F) to, or enables or facilitates access 

11 to such services for, the Central Bank of Iran or a 

12 financial institution described in paragraph 

13 (3)(E)(ii) if such services relate to transactions for 

14 the purchase of petroleum or petroleum products 

15 from Iran that occur before the date on which sanc16 tions apply with respect to financial transactions for 

17 the purchase of petroleum or petroleum products 

18 under section 1245(d)(4)(C) of the National Defense 

19 Authorization Act for Fiscal Year 2012 (Public Law 

20 112–81).’’. 

21 (b) REGULATIONS.—Not later than 90 days after the 

22 date of the enactment of this Act, the Secretary of the 

23 Treasury shall revise the regulations prescribed under sec24 tion 104(c) of the Comprehensive Iran Sanctions, Ac25 countability, and Divestment Act of 2010 (22 U.S.C. 


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•HR 3880 IH

1 8513(c)) to carry out the amendments made by subsection 

2 (a). 

Æ 


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