Abadan, Iran, a suspected IRGC logistical hub for 
airlifts to the Assad regime. 
(10) In November 2016 correspondence to the 
Chairman of the House Committee on Financial 
Services, the Department of the Treasury noted that 
the commitment to delist Iran Air under the JCPOA 
‘‘does not affect our ability to designate, or re-des-
ignate, 
any 
Iranian 
airline 
that 
engages 
in 
sanctionable activity. The United States retains the 
ability to designate any individual or entity that en-
gages in sanctionable activities under our authorities 
targeting conduct outside the scope of the JCPOA, in-
cluding Iran’s support for terrorism, human rights 
abuses, ballistic missile program, and other desta-
bilizing activities in the region.’’. 
(11) In April 2017, Iran announced a deal for 
Aseman Airlines to purchase up to 60 commercial 
aircraft, a transaction that would require authoriza-
tion by OFAC. Aseman Airlines’ chief executive offi-
cer, Hossein Alaei, has for decades served as a senior 
member of the IRGC. 
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SEC. 3. CERTIFICATIONS FOR AIRCRAFT-RELATED TRANS-
ACTIONS BY UNITED STATES AND FOREIGN 
FINANCIAL INSTITUTIONS. 
(a) IN GENERAL.—Not later than 30 days after au-
thorizing a transaction by a United States or foreign finan-
cial institution in connection with the export or re-export 
of a commercial passenger aircraft to Iran (or, for an au-
thorization made after January 16, 2016, but before the 
date of the enactment of this Act, not later than 60 days 
after such date of enactment), and every 180 days thereafter 
for the duration of the authorization, the Secretary of the 
Treasury shall submit the report described under subsection 
(b) to the appropriate congressional committees. 
(b) REPORT WITH RESPECT TO FINANCIAL INSTITU-
TIONS’ IRAN-RELATED TRANSACTIONS
AND DUE DILI-
GENCE.—With respect to a financial institution and a 
transaction described under subsection (a), a report is de-
scribed under this subsection if it contains— 
(1) a list of financial institutions that, since 
January 16, 2016, have conducted transactions au-
thorized by the Secretary in connection with the ex-
port or re-export of commercial passenger aircraft to 
Iran; 
(2) either— 
(A) a certification that— 
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(i) the transaction does not pose a sig-
nificant money laundering or terrorism fi-
nancing risk to the United States financial 
system; 
(ii) the transaction will not benefit an 
Iranian person that, since the date that is 
one year preceding the date of the certifi-
cation— 
(I) has knowingly transported 
items used for the proliferation of 
weapons of mass destruction, including 
systems designed in whole or in part 
for the delivery of such weapons; or 
(II) 
has 
knowingly 
provided 
transportation services or material 
support for, or on behalf of, any person 
designated under Executive Orders 
13224, 13382, or 13572; and 
(iii) any financial institution de-
scribed under subsection (b)(1) has had 
since the date such authorization was made, 
or, if the authorization is no longer in ef-
fect, had for the duration of such authoriza-
tion, appropriate policies, procedures, and 
processes in place to avoid engaging in 
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sanctionable activities that may result from 
the financial institutions’ exposure to Iran; 
or 
(B) a statement that the Secretary is unable 
to make the certification described under sub-
paragraph (A) and a notice that the Secretary 
will, not later than 60 days after the date the de-
termination is submitted to the appropriate con-
gressional committees, issue a report on non-cer-
tification described under subsection (c) to the 
appropriate congressional committees. 
(c) REPORT ON NON-CERTIFICATION.—With respect to 
a financial institution and a transaction described under 
subsection (a), a report on non-certification is described 
under this subsection if it contains— 
(1) a detailed explanation for why the Secretary 
is unable to make the certification described under 
subsection (b)(2); 
(2) a notification of whether the Secretary will— 
(A) not amend the authorization of the 
transaction with respect to a financial institu-
tion, notwithstanding such non-certification; 
(B) suspend the authorization until the Sec-
retary is able to make such certification; 
(C) revoke the authorization; or 
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(D) otherwise amend the authorization; and 
(3) an explanation of the reasons for any action 
to be taken described under paragraph (2). 
(d) WAIVER.—The President may waive, on a case- 
by-case basis, the provisions of this Act for up to one year 
at a time upon certifying to the appropriate congressional 
committees that— 
(1) the Government of Iran has— 
(A) made substantial progress towards com-
bating money laundering and terrorism financ-
ing risk emanating from Iran; or 
(B) has significantly reduced Iran’s— 
(i) destabilizing activities in the re-
gion; or 
(ii) material support for terrorist 
groups; or 
(2) such waiver is important to the national se-
curity interests of the United States, with an expla-
nation of the reasons therefor. 
(e) TERMINATION.—This section shall cease to be effec-
tive on the date that is 30 days after the date on which 
the President certifies to the appropriate congressional com-
mittees that— 
(1)(A) the Secretary does not find, under section 
5318A of title 31, United States Code, that reasonable 
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grounds exist for concluding that Iran is a jurisdic-
tion of primary money laundering concern; and 
(B) Iran has ceased providing support for acts 
of international terrorism; or 
(2) terminating the provisions of this section is 
vital to the national security interests of the United 
States, with an explanation of the reasons therefor. 
(f) DEFINITIONS.—For purposes of this section: 
(1) 
APPROPRIATE
CONGRESSIONAL
COMMIT-
TEES.—The term ‘‘appropriate congressional commit-
tees’’ means the committees on Financial Services and 
Foreign Affairs of the House of Representatives and 
the committees on Banking, Housing, and Urban Af-
fairs and Foreign Relations of the Senate. 
(2) FINANCIAL INSTITUTION.—The term ‘‘finan-
cial institution’’ means a United States financial in-
stitution or a foreign financial institution. 
(3) FOREIGN FINANCIAL INSTITUTION.—The term 
‘‘foreign financial institution’’ has the meaning given 
that term under section 561.308 of title 31, Code of 
Federal Regulations. 
(4) KNOWINGLY.—The term ‘‘knowingly’’, with 
respect to conduct, a circumstance, or a result, means 
that a person has actual knowledge, or should have 
known, of the conduct, the circumstance, or the result. 
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(5) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of the Treasury. 
(6) UNITED STATES FINANCIAL INSTITUTION.— 
The term ‘‘United States financial institution’’ has 
the meaning given the term ‘‘U.S. financial institu-
tion’’ under section 561.309 of title 31, Code of Fed-
eral Regulations. 
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Union Calendar No. 334 
115TH CONGRESS 
1ST SESSION 
H. R. 4324 
[Report No. 115–452] 
A BILL 
To require the Secretary of the Treasury to make 
certifications with respect to United States and 
foreign financial institutions’ aircraft-related 
transactions involving Iran, and for other pur-
poses. 
DECEMBER 7, 2017 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
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