Section R628-24-6 - Prohibited Deposits(1) Use of FDIs in any country or territory described in this section is prohibited: (a) Countries subject to sanctions by the Office of Foreign Assets Control (OFAC); and(b) Countries and territories on the Financial Action Task Force's (FATF) list of high risk and non-cooperative jurisdictions.(2) Financial Crimes Enforcement Network (FinCEN) advisories must be reviewed by the higher education institution to ensure that potential anti-money laundering and counter-terrorist financing risks associated with any country are assessed, identified, and avoided before establishing deposits in the FDI.(3) The FDI may not be listed on the U.S. Treasury's Specially Designated Nationals (SDN) list.Utah Admin. Code R628-24-6
Adopted by Utah State Bulletin Number 2024-13, effective 6/21/2024