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22 U.S.C. · Foreign Relations and Intercourse
22 U.S.C. § 9221a

Prohibition on indirect correspondent accounts

Ch. 99 — NORTH KOREA SANCTIONS AND POLICY ENHANCEMENT
Title 22 U.S.C. ● ACTIVE Primary Source Ch. 99
Statutory Text

22 U.S.C. § 9221a — Prohibition on indirect correspondent accounts

U.S.C. Title 22 - FOREIGN RELATIONS AND INTERCOURSE 22 U.S.C. United States Code, 2023 Edition Title 22 - FOREIGN RELATIONS AND INTERCOURSE CHAPTER 99 - NORTH KOREA SANCTIONS AND POLICY ENHANCEMENT SUBCHAPTER II - SANCTIONS AGAINST NORTH KOREAN PROLIFERATION, HUMAN RIGHTS ABUSES, AND ILLICIT ACTIVITIES Sec. 9221a - Prohibition on indirect correspondent accounts From the U.S. Government Publishing Office, www.gpo.gov

§9221a. Prohibition on indirect correspondent accounts

(a) In general Except as provided in subsection (b), if a United States financial institution has or obtains knowledge that a correspondent account established, maintained, administered, or managed by that institution for a foreign financial institution is being used by the foreign financial institution to provide significant financial services indirectly to any person, foreign government, or financial institution designated under section 9214 of this title, the United States financial institution shall ensure that such correspondent account is no longer used to provide such services. (b) Exception A United States financial institution is authorized to process transfers of funds to or from North Korea, or for the direct or indirect benefit of any person, foreign government, or financial institution that is designated under section 9214 of this title, only if the transfer— (1) arises from, and is ordinarily incident and necessary to give effect to, an underlying transaction that has been authorized by a specific or general license issued by the Secretary of the Treasury; and (2) does not involve debiting or crediting a North Korean account. (c) Definitions In this section: (1) Correspondent account The term "correspondent account" has the meaning given that term in section 5318A of title 31. (2) United States financial institution The term "United States financial institution" means 1 has the meaning given that term in section 510.310 of title 31, Code of Federal Regulations, as in effect on August 2, 2017. (3) Foreign financial institution The term "foreign financial institution" has the meaning given that term in section 1010.605 of title 31, Code of Federal Regulations, as in effect on August 2, 2017.

(Pub. L. 114–122, title II, §201A, as added Pub. L. 115–44, title III, §312(a), Aug. 2, 2017, 131 Stat. 945.)

1 So in original.

Source: uscode.house.gov — public domain Official Source ↗
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BS-USC22-SEC-CD14B9
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boisestandard.org
Citation
22 U.S.C. § 9221a
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The statutory text of 22 U.S.C. § 9221a is reproduced from the official United States Code as published by the Office of the Law Revision Counsel of the U.S. House of Representatives (uscode.house.gov).
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← 22 U.S.C. § 9221 22 U.S.C. § 9221b →
Ch. 99 — NORTH KOREA SANCTIONS AND POLICY ENHANCEMENT
22 U.S.C. § 920122 U.S.C. § 920222 U.S.C. § 920322 U.S.C. § 921122 U.S.C. § 921222 U.S.C. § 921322 U.S.C. § 921422 U.S.C. § 922122 U.S.C. § 9221a22 U.S.C. § 9221b22 U.S.C. § 9221c22 U.S.C. § 922222 U.S.C. § 922322 U.S.C. § 922422 U.S.C. § 922522 U.S.C. § 922622 U.S.C. § 922722 U.S.C. § 922822 U.S.C. § 922922 U.S.C. § 923022 U.S.C. § 923122 U.S.C. § 924122 U.S.C. § 9241a22 U.S.C. § 9241b22 U.S.C. § 924222 U.S.C. § 924322 U.S.C. § 925122 U.S.C. § 925222 U.S.C. § 925322 U.S.C. § 9254
22 U.S.C. — public domain ← All Legislation
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