OFAC Regulatory Provisions - 31 CFR § 510.505 - Entries in certain accounts for normal service charges.

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.

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TURBOFAC Commentary (176 words)

Notes:

Provision common in, and substantively identical with respect to, to most sanctions regulations involving the blocking of property. Note that, unlike the and , the version of this provision does not contain a reference to provisions providing guidance with respect to North Korean accounts that are not blocked but with respect to which servicing would constitute an "export" of a financial service to North Korea. It is not clear how OFAC treats such situations, to the extent that, any North Korean account can be said to exist without there being an interest of the blocked government.

Note FAQ 34, which is still current on OFAC's website.

"Can my bank deduct service charges from the account?

Generally yes. In most cases (excluding Iraq, for instance) OFAC regulations contain provisions to allow a bank to debit blocked accounts for normal service charges, which are described in each set of regulations. The charges must be in accordance with a published rate schedule for the type of account in which the funds are maintained. [09-10-2002]"

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31 CFR § 510.505 - Entries in certain accounts for normal service charges.

TURBOFAC Commentary (176 words)