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