Source: https://www.law.cornell.edu/cfr/text/31/510.519
Timestamp: 2020-08-11 02:07:38
Document Index: 318825695

Matched Legal Cases: ['§ 510', '§ 510', '§ 510', '§ 510', '§ 501', 'art 501', '§ 510', '§ 510']

31 CFR § 510.519 - Transactions related to closing a correspondent or payable-through account. | CFR | US Law | LII / Legal Information Institute
Section 510.519. Transactions related to closing a correspondent or payable-through account.
31 CFR § 510.519 - Transactions related to closing a correspondent or payable-through account.
§ 510.519 Transactions related to closing a correspondent or payable-through account.
(a) During the 10-day period beginning on the effective date of the prohibition in § 510.210 on the opening or maintaining of a correspondent account or a payable-through account for a foreign financial institution listed on the List of Foreign Financial Institutions Subject to Correspondent Account or Payable-Through Account Sanctions (CAPTA List), U.S. financial institutions that maintain correspondent accounts or payable-through accounts for the foreign financial institution are authorized to:
(1) Email (preferred method): OFACReport@treasury.gov; or
(c) Specific licenses may be issued on a case-by-case basis to authorize transactions outside the scope or time period authorized in paragraph (a) of this section 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. License applications should be filed in conformance with § 501.801 of the Reporting, Procedures and Penalties Regulations, 31 CFR part 501.
Note 1 to § 510.519:
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. See § 510.101.