OFAC Enforcement - TD Bank, N.A.

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 (610 words)

Notes:

1) Bases of jurisdiction are, at a minimum, the causing of U.S. clearing institutions to i) deal in property in which a Cuban has an interest (515.201(b)) and the export of services to Iran (560.204).

2) Given that neither TD nor Internaxx were "U.S. persons" (for the purposes of the ) or "Persons Subject to the Jurisdiction of the United States" (CACR), there was no violation committed by the simple opening of accounts for the individuals deemed to at some point be resident in the sanctioned countries. The violations were only committed once transactions were processed through the U.S. on their behalf.

3) OFAC states that "between 2003 and 2008 Internaxx opened accounts for four customers who were either resident in Iran or Cuba at the time of account opening or who...

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Civil Enforcement Information (FOV) - TD Bank, N.A.

TURBOFAC Commentary (610 words)