31 CFR § 560.516 - Transfers of funds involving Iran.

Date issued: Oct. 22 2012

Last substantive commentary amendment:
Jan. 02 2024

You've hit a wall. Sign in if you have an account, learn more about TURBOFAC and subscription options, or purchase access to the text of the document on this page, the native .pdf file, and the associated TURBOFAC original commentary.
TURBOFAC is a module of the compliance platform OverRuled. To learn more about OverRuled, visit www.overruled.com.

TURBOFAC Commentary (2454 words)

Notes:

1) IN GENERAL

a) 560.516 is a general license that, subject to the limitations in the GL, serves the function that would ordinarily be served by the typical "ordinarily incident" 400-level interpretive provision. See e.g. Note to paragraph (b) of §560.405 (Transactions ordinarily incident to a licensed transaction authorized), carving out payments from 560.405 and specifying that they must be made pursuant to the terms of 560.516. The most substantial differences between 560.516, and what the state of affairs would have been but for the payment carveout to 560.405, is that payments ordinarily incident to licensed transactions are only permitted if they involve "United States depository institutions" (560.319) or "United States registered brokers or dealers in securities" (560.321), as those terms are defined in the