- Effective November 10, 2008, OFAC will no longer allow U.S. depository institutions to process "U-Turn" transfers under the ITR.
- A "U-turn" transfer consists of:
(1) Initiating a dollar-denominated transaction offshore by
order of a foreign bank's customer;
(2) Transferring the dollar-denominated amount from a
correspondent account held by a domestic bank for the
foreign bank to a correspondent account held by
another domestic bank for a different foreign bank; and
(3) Ultimately transferring the funds offshore as a dollar-
denominated account of the second foreign bank's
- Prohibiting "U-Turn" transfers eliminates the financial benefit to Iranian banks or other persons in Iran or the Government of Iran.
- This amendment does not revoke existing authorizations under the ITR for transactions relating to humanitarian aid and other legitimate activities.
- OFAC information is available at http://www.treas.gov/offices/enforcement/ofac.
- If you have questions, please call OFAC's Compliance Programs Division at 1-800-540-6322.
FDIC-Supervised Banks (Commercial and Savings)
Chief Executive Officer
BSA Compliance Officer
Office of Foreign Assets Control
Iranian Transactions Regulations Amended
Anti-Money Laundering Specialist Marie Edwards
at SASFIL@FDIC.gov or (202) 898-3673
FIL-140-2008 - PDF (PDF Help)
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, Room E 1002, Arlington, VA
22226 (1-877-275-3342 or 703-562-2200).