Act for Fiscal Year 2012 (Public Law 112–81) is amend-
ed— 
(1) in paragraph (2), by striking ‘‘(i)’’ each 
place it appears and inserting ‘‘(j)’’; 
(2) by redesignating paragraph (3) as para-
graph (4); and 
(3) by inserting after paragraph (2) the fol-
lowing new paragraph: 
‘‘(3) IRANIAN
FINANCIAL
INSTITUTION.—The 
term ‘Iranian financial institution’ has the meaning 
given that term in section 104 of the Comprehensive 
Iran Sanctions, Accountability, and Divestment Act 
of 2010 (22 U.S.C. 8513).’’. 
SEC. 5. IMPOSITION OF SANCTIONS WITH RESPECT TO THE 
PROVISION OF UNDERWRITING SERVICES OR 
INSURANCE OR REINSURANCE FOR ACTIVI-
TIES OR PERSONS WITH RESPECT TO WHICH 
SANCTIONS HAVE BEEN IMPOSED. 
(a) IN GENERAL.—Except as provided in subsection 
(c), not later than 60 days after the date of the enactment 
of this Act, the President, in addition to any other penalty 
provided for by applicable law, shall impose a majority of 
the sanctions described subsection (b) with respect to a 
person if the President determines that the person know-
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ingly, on or after such date of enactment, provides under-
writing services or insurance or reinsurance— 
(1) for any activity with respect to Iran for 
which sanctions have been imposed under this Act, 
the Iran Sanctions Act of 1996, the Comprehensive 
Iran Sanctions, Accountability, and Divestment Act 
of 2010 (22 U.S.C. 8501 et seq.), the Iran, North 
Korea, and Syria Nonproliferation Act (Public Law 
106–178; 50 U.S.C. 1701 note), the International 
Emergency Economic Powers Act (50 U.S.C. 1701 
et seq.), or any other provision of law relating to the 
imposition of sanctions with respect to Iran; or 
(2) to or for any person— 
(A) on which sanctions have been imposed 
under any such Act or provision of law for en-
gaging in an activity with respect to Iran; or 
(B) designated for the imposition of sanc-
tions pursuant to the International Emergency 
Economic Powers Act (50 U.S.C. 1701 et seq.) 
in connection with— 
(i) Iran’s proliferation of weapons of 
mass destruction or delivery systems for 
weapons of mass destruction; or 
(ii) Iran’s support for international 
terrorism. 
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(b) SANCTIONS DESCRIBED.—The sanctions to be 
imposed on a person under subsection (a) are as follows: 
(1) EXPORT-IMPORT
BANK
ASSISTANCE
FOR 
EXPORTS TO SANCTIONED PERSONS.—The President 
may direct the Export-Import Bank of the United 
States to not give approval for the issuance of any 
guarantee, insurance, extension of credit, or partici-
pation in the extension of credit in connection with 
the export of any goods or services to any sanctioned 
person. 
(2) EXPORT
SANCTION.—The President may 
order the United States Government not to issue 
any specific license and not to grant any other spe-
cific permission or authority to export any goods or 
technology to a sanctioned person under— 
(A) the Export Administration Act of 1979 
(as continued in effect pursuant to the Inter-
national Emergency Economic Powers Act); 
(B) the Arms Export Control Act; 
(C) the Atomic Energy Act of 1954; or 
(D) any other law that requires the prior 
review and approval of the United States Gov-
ernment as a condition for the export or reex-
port of goods or services. 
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(3) LOANS FROM UNITED STATES FINANCIAL 
INSTITUTIONS.—The United States Government 
may prohibit any United States financial institution 
from making loans or providing credits to any sanc-
tioned person totaling more than $10,000,000 in 
any 12-month period unless such person is engaged 
in activities to relieve human suffering and the loans 
or credits are provided for such activities. 
(4) PROHIBITIONS
ON
FINANCIAL
INSTITU-
TIONS.—The following prohibitions may be imposed 
against a sanctioned person that is a financial insti-
tution: 
(A) PROHIBITION
ON
DESIGNATION
AS 
PRIMARY DEALER.—Neither the Board of Gov-
ernors of the Federal Reserve System nor the 
Federal Reserve Bank of New York may des-
ignate, or permit the continuation of any prior 
designation of, such financial institution as a 
primary dealer in United States Government 
debt instruments. 
(B) PROHIBITION ON SERVICE AS A RE-
POSITORY OF GOVERNMENT FUNDS.—Such fi-
nancial institution may not serve as agent of 
the United States Government or serve as re-
pository for United States Government funds. 
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The imposition of either sanction under subpara-
graph (A) or (B) shall be treated as one sanction for 
purposes of subsection (a), and the imposition of 
both such sanctions shall be treated as two sanctions 
for purposes of such subsection. 
(5) PROCUREMENT
SANCTION.—The United 
States Government may not procure, or enter into 
any contract for the procurement of, any goods or 
services from a sanctioned person. 
(6) FOREIGN EXCHANGE.—The President may 
prohibit any transactions in foreign exchange that 
are subject to the jurisdiction of the United States 
and in which the sanctioned person has any interest. 
(7) BANKING
TRANSACTIONS.—The President 
may prohibit any transfers of credit or payments be-
tween financial institutions or by, through, or to any 
financial institution, to the extent that such trans-
fers or payments are subject to the jurisdiction of 
the United States and involve any interest of the 
sanctioned person. 
(8) PROPERTY TRANSACTIONS.—The President 
may prohibit any person from— 
(A) acquiring, holding, withholding, using, 
transferring, withdrawing, transporting, or ex-
porting any property that is subject to the ju-
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risdiction of the United States and with respect 
to which a sanctioned person has any interest; 
(B) dealing in or exercising any right, 
power, or privilege with respect to such prop-
erty; or 
(C) conducting any transaction involving 
such property. 
(9) GROUNDS FOR EXCLUSION.—The Secretary 
of State may deny a visa to, and the Secretary of 
Homeland Security may deny admission into the 
United States to, any alien whom the Secretary of 
State determines is an alien who, on or after the 
date of the enactment of this Act, is a— 
(A) corporate officer, principal, or share-
holder with a controlling interest of a person 
against whom sanctions have been imposed 
under subsection (a); 
(B) corporate officer, principal, or share-
holder with a controlling interest of a successor 
entity to or a parent or subsidiary of such a 
sanctioned person; 
(C) corporate officer, principal, or share-
holder with a controlling interest of an affiliate 
of such a sanctioned person, if such affiliate en-
gaged in a sanctionable activity described in 
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subsection (a) and if such affiliate is controlled 
in fact by such sanctioned person; or 
(D) spouse, minor child, or agent of a per-
son inadmissible under subparagraph (A), (B), 
or (C). 
(10) SANCTIONS ON PRINCIPAL EXECUTIVE OF-
FICERS.—The President may impose on the prin-
cipal executive officer or officers of any sanctioned 
person, or on persons performing similar functions 
and with similar authorities as such officer or offi-
cers, any of the sanctions under this subsection. 
(11) ADDITIONAL SANCTIONS.—The President 
may impose additional sanctions, as appropriate, in 
accordance with the International Emergency Eco-
nomic Powers Act (50 U.S.C. 1701 et seq.). 
(c) EXCEPTION FOR UNDERWRITERS AND INSUR-
ANCE PROVIDERS EXERCISING DUE DILIGENCE.—The 
President may not impose sanctions under subsection (a) 
with respect to a person that provides underwriting serv-
ices or insurance or reinsurance if the President deter-
mines that the person has exercised due diligence in estab-
lishing and enforcing official policies, procedures, and con-
trols to ensure that the person does not provide under-
writing services or insurance or reinsurance for an activity 
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described in paragraph (1) of such subsection or to or for 
a person described in paragraph (2) of such subsection. 
(d) FINANCIAL INSTITUTION DEFINED.—The term 
‘‘financial institution’’ includes— 
(1) a depository institution (as defined in sec-
tion 3(c)(1) of the Federal Deposit Insurance Act), 
including a branch or agency of a foreign bank (as 
defined in section 1(b)(7) of the International Bank-
ing Act of 1978); 
(2) a credit union; 
(3) a securities firm, including a broker or deal-
er; 
(4) an insurance company, including an agency 
or underwriter; and 
(5) any other company that provides financial 
services, including joint ventures with Iranian enti-
ties both inside and outside of Iran and partnerships 
or investments with Iranian government-controlled 
entities or affiliated entities. 
Æ 
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