Source: https://www.ecfr.gov/cgi-bin/retrieveECFR?gp=&mc=true&r=SUBPART&n=sp31.3.561.e
Timestamp: 2020-07-14 23:59:58
Document Index: 599679232

Matched Legal Cases: ['art 561', '§561', '§561', '§561', '§561', 'art 501', 'art 501', '§561', '§561', '§561', '§561', '§561', '§501', 'art 501', '§561', '§561']

Title 31 → Subtitle B → Chapter V → Part 561 → Subpart E
§561.501 General and specific licensing procedures.
§561.502 Effect of license or authorization.
§561.503 Exclusion from licenses.
§561.504 Transactions related to closing a correspondent account or payable-through account.
For provisions relating to licensing procedures, see part 501, subpart E of this chapter. Licensing actions taken pursuant to part 501 of this chapter with respect to the prohibitions contained in this part or conditions imposed pursuant to this part are considered actions taken pursuant to this part.
(a) During the 10-day period beginning on the effective date of the prohibition in §561.201(c), §561.203(c)(2), §561.204(c)(2), §561.205(a), or §561.205(c) on the maintaining of a correspondent account or a payable-through account for a foreign financial institution whose name is added to the List of Foreign Financial Institutions Subject to Correspondent Account or Payable-Through Account Sanctions (CAPTA List), which is maintained on the Office of Foreign Assets Control's website (www.treasury.gov/ofac), U.S. financial institutions that maintain correspondent accounts or payable-through accounts for the foreign financial institution are authorized to:
(b) A report must be filed with the Office of Foreign Assets Control within 30 days of the closure of an account, providing full details on the closing of each correspondent account or payable-through account maintained by a U.S. financial institution for a foreign financial institution whose name is added to the CAPTA List, maintained on the Office of Foreign Assets Control's Web site (www.treasury.gov/ofac). Such report must include complete information on the closing of the account and on all transactions processed or executed through the account pursuant to this section, including the account outside of the United States to which funds remaining in the account were transferred. Reports should be addressed to the attention of the Sanctions, Compliance & Evaluations Division, Office of Foreign Assets Control, U.S. Department of the Treasury, 1500 Pennsylvania Avenue NW., Washington, DC 20220.
(c) Specific licenses may be issued on a case-by-case basis to authorize transactions by a U.S. financial institution with respect to a correspondent account or a payable-through account maintained by the U.S. financial institution for a foreign financial institution whose name is added to the CAPTA List, that are outside the scope of the transactions authorized in paragraph (a) of this section and/or that occur beyond the 10-day period authorized in that paragraph. License applications should be filed in conformance with §501.801 of the Reporting, Procedures and Penalties Regulations, 31 CFR part 501.
Note to §561.504: This section does not authorize a U.S. financial institution to unblock property or interests in property, or to engage in any transaction or dealing in property or interests in property, blocked pursuant to any other part of this chapter, in the process of closing a correspondent account or a payable-through account for a foreign financial institution whose name has been added to the CAPTA List, maintained on the Office of Foreign Assets Control's Web site (www.treasury.gov/ofac). See §561.101.
[77 FR 11726, Feb. 27, 2012, as amended at 78 FR 16409, Mar. 15, 2013; 84 FR 9457, Mar. 15, 2019; 84 FR 38548, Aug. 7, 2019]