22 USC 9221a - Prohibition on indirect correspondent accounts

U.S Code last checked for updates: May 06, 2024

§ 9221a.

Prohibition on indirect correspondent accounts

(a)

In general

(b)

Exception

A United States financial institution is authorized to process transfers of funds to or from North Korea, or for the direct or indirect benefit of any person, foreign government, or financial institution that is designated under section 9214 of this title, only if the transfer—

(1)

arises from, and is ordinarily incident and necessary to give effect to, an underlying transaction that has been authorized by a specific or general license issued by the Secretary of the Treasury; and

(2)

does not involve debiting or crediting a North Korean account.

(c)

Definitions

In this section:

(1)

Correspondent account

(2)

United States financial institution

(3)

Foreign financial institution

(Pub. L. 114–122, title II, § 201A, as added Pub. L. 115–44, title III, § 312(a), Aug. 2, 2017, 131 Stat. 945.)

cite as: 22 USC 9221a