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Financial Institution Letters

Office Of Foreign Assets Control
Amendment to Iranian Transactions Regulations
FIL-84-2006
September 20, 2006


Summary: The Department of the Treasury's Office of Foreign Assets Control has amended the Iranian Transactions Regulations to prohibit all transactions with Bank Saderat.

Highlights:
  • On September 8, 2006, the Department of the Treasury's Office of Foreign Assets Control (OFAC) amended the Iranian Transactions Regulations (ITR) regarding transactions with Bank Saderat.
  • The changes exclude Bank Saderat from the general license allowing for "U-turn" payments and from transactions ordinarily incident to licensed or exempt transactions, including payments and financing for the exportation of licensed agricultural goods, medicine, and medical devices.
  • While the amendments contain grace periods for completing certain transactions, U-turns must be stopped immediately.
  • See the attached OFAC bulletin and ITR amendments as published in the Federal Register.
  • OFAC has asked that we distribute the information to all FDIC-supervised institutions so records can be checked for accounts that are required to be blocked.
  • OFAC information also may be found on the Internet at http://www.treas.gov/offices/enforcement/ofac.
  • Please distribute this information to the appropriate personnel in your institution.
  • For further information about Executive Orders, the list of blocked accounts or the procedures to block accounts, please call OFAC's Compliance Programs Division at 1-800-540-6322.

Distribution:
FDIC-Supervised Banks (Commercial and Savings)

Suggested Routing:
Chief Executive Officer
BSA Compliance Officer

Related Topics:
Office of Foreign Assets Control

Attachments:
OFAC Bulletin
9/12/2006 Federal Register notice - PDF 64k (PDF Help)

Contact:
Review Examiner Eric S. Walker at SASFIL@FDIC.gov or (202) 898-3673

Printable Format:
FIL-84-2006 - PDF 39k (PDF Help)

Note:
FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/news/financial/2006/index.html.

To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html.

Paper copies of FDIC FILs may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, E 1002, Arlington, VA 22226 (1-877-275-3342 or 703-562-2200).



Last Updated 09/20/2006 communications@fdic.gov