31 CFR § 510.303 - Correspondent account.

Date issued: Mar. 05 2018

TURBOFAC Commentary (85 words)

Notes:

1) Definition of "correspondent account" identical to that of the IFSR (561.306) and, seemingly, substantively identical to that of the HFSR (566.302).

2) Read in light of the breadth of the term "Foreign financial institution" (510.309) it is possible that the scope of what qualifies as a "correspondent account" for the purposes of this sanctions program extends beyond the way it is used in ordinary international banking contexts.

3) Provision amended on Apr. 10, 2020, to add 510.304(a)(10).