31 CFR § 561.308 - Foreign financial institution.

Date issued: Nov. 08 2012

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TURBOFAC Commentary (300 words)

Notes common to 561.308, 561.309 and 561.320

As is the case with the HFSR and NKSR, the IFSR is set up such that 561.308 (Foreign financial institution), 561.309 (U.S. financial institution) and 561.320 (Iranian financial institution) are all of differing scopes. "Iranian financial institution" is the broadest in scope, including "dealers in precious metals, stones, or jewels," as well as all institutions owned or controlled by Iran wherever located. The U.S. version does not include dealers in precious metals, stones, or jewels, presumably by design, and is limited only to entities in the U.S. The term "foreign financial institution" is the only of the three to exclude "insurance companies," again presumably by design, and specifically carves out certain international financial insertions[1]. The varying scopes of the three definitions are tailored to the...