§ 560.324 - Iranian financial institution.

§ 560.324 Iranian financial institution.

The term Iranian financial institution means any entity (including foreign branches), wherever located, organized under the laws of Iran or any jurisdiction within Iran, or owned or controlled by the Government of Iran, or in Iran, or owned or controlled by any of the foregoing, that is engaged in the business of accepting deposits, making, granting, transferring, holding, or brokering loans or credits, or purchasing or selling foreign exchange, securities, commodity futures or options, or procuring purchasers and sellers thereof, as principal or agent. It includes but is not limited to depository institutions, banks, savings banks, money service businesses, trust companies, insurance companies, securities brokers and dealers, commodity futures and options brokers and dealers, forward contract and foreign exchange merchants, securities and commodities exchanges, clearing corporations, investment companies, employee benefit plans, and holding companies, affiliates, or subsidiaries of any of the foregoing.

Note 1 to § 560.324:

The names of persons that the Office of Foreign Assets Control (OFAC) has determined fall within identified as meeting this definition are published in the Federal Register and incorporated into one of two lists maintained by the OFAC. First, the names of persons identified as blocked solely pursuant to Executive Order 13599 of February 5, 2012 (“Blocking Property of the Government Iran and Iranian Financial Institutions”) (E.O. 13599) and § 560.211 because they meet the definition of the term “Iranian financial institution” are incorporated into the “List of Persons Identified as Blocked Solely Pursuant to Executive Order 13599”) (E.O. 13599 List). The E.O. 13599 List is accessible through the following page on OFAC's Web site: www.treasury.gov/resource-center/sanctions/Programs/Pages/13599_list.aspx. Second, the names of persons identified as blocked pursuant to E.O. 13599 and § 560.211 who are also blocked pursuant to one or more other parts of this chapter are incorporated into OFAC's Specially Designated Nationals and Blocked Persons List (SDN List) with the identifier “[IRAN]” as well as the relevant identifier(s) for the other sanctions program(s) pursuant to which the persons' property and interests in property are blocked. .” The SDN List is accessible through the following page on OFAC's Web sitewebsite: www.treasury.gov/sdn. However, the property and interests in property of any persons falling within meeting the definition of the term Iranian financial institution are blocked pursuant to § 560.211 regardless of whether the names of such persons are published in the Federal Register or incorporated into the E.O. 13599 List or the SDN List.

Note 2 to § 560.324:

Section 501.807 of this chapter describes the procedures to be followed by persons seeking administrative reconsideration of OFAC's determination that they fall within the definition of the term Iranian financial institution.

[77 FR 64666, Oct. 22, 2012, as amended at 81 FR 3332, Jan. 21, 2016; 83 FR 55271, Nov. 5, 2018]