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Inactive Financial Institution Letters

Office Of Foreign Assets Control
Amendment to Iranian Transactions Regulations
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.

  • 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
  • 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.

FDIC-Supervised Banks (Commercial and Savings)

Suggested Routing:
Chief Executive Officer
BSA Compliance Officer

Related Topics:
Office of Foreign Assets Control

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

Review Examiner Eric S. Walker at or (202) 898-3673

FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's Web site at

To receive FILs electronically, please visit

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 11/14/2018

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