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Can you summarize 31 CFR Part 1060?
FINANCIAL CRIMES ENFORCEMENT NETWORK, DEPARTMENT OF THE TREASURY > PROVISIONS RELATING TO THE COMPREHENSIVE IRAN SANCTIONS, ACCOUNTABILITY, AND DIVESTMENT ACT OF 2010
Short Summary
This document outlines the reporting obligations imposed on banks that maintain a correspondent account for a specified foreign bank. The obligations pertain to the reporting of any transfers of funds processed by the foreign bank within the preceding 90 calendar days for Iranian-linked financial institutions designated under IEEPA and IRGC-linked persons designated under IEEPA. The banks are required to inquire with the foreign bank and report the relevant information to FinCEN (Financial Crimes Enforcement Network). The document provides definitions for ‘Iranian-linked financial institution designated under IEEPA’ and ‘IRGC-linked person designated under IEEPA’. It also specifies the information that banks need to report, including the names of the foreign bank and the designated entities, account details, transaction information, and the approximate value of transactions. The document further outlines the filing procedures, deadlines for reporting, and record retention requirements. It is important to note that this document does not impose any specific penalties for non-compliance or violation of its provisions. A person violating any requirement under this part is subject to the penalties provided for in sections 5321(a) and 5322 of title 31, United States Code, in the same manner and to the same extent as such penalties would apply to any person that is otherwise subject to such section 5321(a) or 5322.
Whom does it apply to?
Banks that maintain a correspondent account for a specified foreign bank
What does it govern?
Reporting obligations imposed on banks that maintain a correspondent account for a specified foreign bank
What are exemptions?
No specific exemptions are mentioned in this document
What are the Penalties?
A person violating any requirement under this part is subject to the penalties provided for in sections 5321(a) and 5322 of title 31, United States Code, in the same manner and to the same extent as such penalties would apply to any person that is otherwise subject to such section 5321(a) or 5322.
Jurisdiction
U.S. Federal Government