§510.304 Effective date.
(a) The term effective date refers to the effective date of the applicable prohibitions and directives contained in this part as follows:
(1) With respect to transfers or other dealings in blocked property and interests in property of the Government of North Korea, as defined in §510.311, or the Workers' Party of Korea prohibited by §510.201(a)(1), 12:01 a.m. eastern daylight time, March 16, 2016;
(2) With respect to a person whose property and interests in property are blocked pursuant to §510.201(a)(3)(i), 12:01 p.m. eastern daylight time, August 30, 2010;
(3) With respect to a person whose property and interests in property are otherwise blocked pursuant to §510.201(a), the earlier of the date of actual or constructive notice that such person's property and interests in property are blocked;
(4) With respect to funds subject to blocking pursuant to §510.201(d), the earlier of the date of actual or constructive notice that funds are blocked or that a foreign bank account that the funds originate from, are destined for, or pass through has been determined to meet the criteria contained in §510.201(d);
(5) With respect to the prohibition set forth in §510.207, June 26, 2008;
(6) With respect to the prohibition set forth in §510.205, 12:01 a.m. eastern daylight time, April 19, 2011;
(7) With respect to the prohibitions set forth in §§510.206 and 510.209, 12:01 a.m. eastern daylight time, March 16, 2016;
(8) With respect to the prohibitions set forth in §510.208, 12:01 a.m. eastern daylight time, September 21, 2017;
(9) With respect to the prohibition set forth in §510.210(b), 12:01 a.m. eastern daylight time, September 21, 2017. The effective date of a prohibition or strict condition imposed pursuant to §510.210(b) on the opening or maintaining of a correspondent account or a payable-through account in the United States by a U.S. financial institution for a particular foreign financial institution is the earlier of the date the U.S. financial institution receives actual or constructive notice of such prohibition or condition; and
(10) With respect to the prohibition set forth in §510.210(c), April 18, 2020. The effective date of a prohibition or strict condition imposed pursuant to §510.210(c) on the opening or maintaining of a correspondent account or a payable-through account in the United States by a U.S. financial institution for a particular foreign financial institution is the earlier of the date the U.S. financial institution receives actual or constructive notice of such prohibition or condition.
(b) For the purposes of this section, constructive notice is the date that a notice of the blocking of the relevant person's property and interests in property is published in the Federal Register.
[83 FR 9187, Mar. 5, 2018, as amended at 85 FR 20162, Apr. 10, 2020]
1) Refer to General Note on "Effective Date" Provisions (System Ed. Note), discussing this provision to the extent that it is substantively identical to analogous provisions in other sanctions regulations.
2) Compare 510.304(a)(4) and (9). With respect to (9), OFAC would, on the basis of the reasoning discussed in the Note referred to above, presumably consider "actual" notice of a CAPTA sanctions as being received once the electronic CAPTA list is updated. In other words, prior to publication in the Federal Register. It is less clear how OFAC will treat blocking determinations made in connection with 510.201(d), since the provision is (as of 8/2019) unique to the NKSR there is no pre-existing list on which to put designated bank accounts.
3) Provision amended on Apr. 10, 2020, to add 510.304(a)(10), which corresponds to the addition of implementation of the CAPTA sanctions on FFIs found in the NKSPEA.