Statutes, codes, and regulations
Code of Federal Regulations
Title 31 - MONEY AND FINANCE: TREASURYSubtitle B - REGULATIONS RELATING TO MONEY AND FINANCEChapter V - OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURYPart 598 - FOREIGN NARCOTICS KINGPIN SANCTIONS REGULATIONS
Subpart E - LICENSES, AUTHORIZATIONS, AND STATEMENTS OF LICENSING POLICY
Section 598.504 - Payments and transfers to blocked accounts in U.S. financial institutions

31 C.F.R. § 598.504

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Current through October 31, 2024
Section 598.504 - Payments and transfers to blocked accounts in U.S. financial institutions

Any payment of funds or transfer of credit in which a specially designated narcotics trafficker has any interest that comes within the possession or control of a U.S. financial institution must be blocked in an account on the books of that financial institution. A transfer of funds or credit by a U.S. financial institution between blocked accounts in its branches or offices is authorized, provided that no transfer is made from an account within the United States to an account held outside the United States, and further provided that a transfer from a blocked account may only be made to another blocked account held in the same name.

Note to § 598.504 : Please refer to part 501, subpart C of this chapter for mandatory reporting requirements regarding financial transfers. See also § 598.206 concerning the obligation to hold blocked funds in interest-bearing accounts.

31 C.F.R. §598.504