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.

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TURBOFAC Commentary (518 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...

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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 (518 words)