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 https://home.treasury.gov/policy-issues/office-of-foreign-assets-control-sanctions-programs-and-information.
- 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
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).
