What 31 CFR Part 566 (Hizballah Financial Sanctions Regulations) - OFAC Correspondent Account Restrictions, Licensing and Reporting requires
31 CFR Part 566, the Hizballah Financial Sanctions Regulations, implements the Hizballah International Financing Prevention Act of 2015 as amended, administered by the Office of Foreign Assets Control. The program does not block property generally; instead it authorizes the Secretary of the Treasury, on determining that a foreign financial institution knowingly facilitates a significant transaction or transactions for Hizballah or for persons identified on the OFAC Specially Designated Nationals and Blocked Persons List in connection with Hizballah, to impose strict conditions on, or to prohibit the opening or maintaining of, a correspondent account or a payable-through account in the United States for that foreign financial institution. U.S. financial institutions must implement any such strict conditions or prohibition, must not open or maintain a prohibited account, and must not engage in any transaction that evades or avoids the prohibitions. Otherwise-prohibited transactions require an OFAC general or specific license, and U.S. persons must report to OFAC as required, maintain full records for at least five years, and are subject to civil and criminal penalties under the International Emergency Economic Powers Act for violations.
Pillar: Financial Crime, AML & Sanctions · Authority: US Department of the Treasury Office of Foreign Assets Control (OFAC) · Version: 1.0.0 · Last updated:
Primary source: https://www.ecfr.gov/current/title-31/subtitle-B/chapter-V/part-566
SHA-256 integrity: 20c0c7609dac4673e3c345da1b73871d0426f9098becb46ff6f70f084bbf09f9
Primary Citations — 8 traced to source
- Hizballah International Financing Prevention Act of 2015 (Pub. L. 114-102) as amended by the Hizballah International Financing Prevention Amendments Act of 2018 (Pub. L. 115-272) - statutory authority
- International Emergency Economic Powers Act, 50 U.S.C. 1701-1706 - statutory authority and penalties (50 U.S.C. 1705)
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