OFAC Regulatory Provisions - 31 CFR § 560.517 - Exportation of services: Iranian accounts at United States depository institutions or United States registered brokers or dealers in securities.

Ed. Note: if you’re new to TURBOFAC, please take note that the text string filtration function generally shouldn’t be used for terms such as “ordinarily resident,” “causing” or “new debt”. For research on the meaning of words and phrases such as those, i.e. terms central to the key legal issues in sanctions law that appear on a cross-programmatic basis, you’re typically better off locating and checking the appropriate box in the “Key Legal Issues” search category, which will limit the results to those that have been manually assessed as being relevant for the interpretation of the terms at issue.

Try typing your search term (“ordinarily resident,” “new debt,” or something else) in the “Find a Search Filter” box at the top of the page, and the corresponding “Key Legal Issues” check box will pop up instantly, if one exists. Once you check the box (e.g. “new debt,” with ~55 results), you can always use the text string filtration function to further refine your search (e.g. by typing “invoice” and narrowing the ~55 results to ~10).

Note in addition that the same applies to text string searches such as “14071” (if you’re looking for items related to EO 14071). By typing “14071” in the “Find a Search Filter” field up top, you will be able to instantly narrow the results down to items manually assessed as relating to EO 14071. Ditto terms such as “515.204” or “Iran General License G” (try the “Discrete Legal Provision” search category). Please contact [email protected] or [email protected] with any questions on search results and efficiency.

Please click "Apply Text String Filters" again after clicking the "Close" button immediately below.

TURBOFAC Commentary (504 words)

Notes:

1) specific to the . The GL operates as a set of authorizations, but note that OFAC has also interpreted 560.517(a)(2) to act as a sort of implied directive license with respect to accounts that are opened for Iranians in the U.S. who subsequently return to "ordinarily resident" status in Iran. See Case No. IA-2013-300350-1:

*Therefore, the authorities described above generally authorize U.S. financial institutions to open and maintain accounts on behalf of Iranian students who are studying or physically present in the United States, without additional authorization from OFAC. Please be advised, however, that pursuant to section 560.517(a)(2) of the ITSR, the financial institutions are required to close out an "Iranian account" and make a lump sum transfer only to the account party of all remaining funds and...

Welcome!

Welcome!

31 CFR § 560.517 - Exportation of services: Iranian accounts at United States depository institutions or United States registered brokers or dealers in securities.

TURBOFAC Commentary (504 words)