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Can you summarize 31 CFR 535.531?
Licenses, Authorizations and Statements of Licensing Policy > Payment of certain checks and drafts.
Short Summary
This legal document authorizes banks subject to the jurisdiction of the United States to make payments from blocked accounts for checks and drafts. There are certain conditions for such payments: (1) The amount involved in any one payment, acceptance, or debit should not exceed $3000; or (2) The check or draft was within the United States in the process of collection by a domestic bank on or prior to the effective date and does not exceed $50,000. The authorization expires on January 14, 1980. Additionally, banks subject to the jurisdiction of the United States may make payment to a person subject to the jurisdiction of the United States who is the beneficiary of any letter of credit issued or confirmed by the bank, or on a draft accepted by the bank, prior to the effective date. However, no blocked account may be debited in connection with such a payment. The document also allows for case-by-case consideration of specific licenses to make payments from blocked accounts of documentary drafts drawn under irrevocable letters of credit issued or confirmed by a domestic bank prior to the effective date. Payments to Iran or an Iranian entity are not authorized unless otherwise licensed. This document was issued by the Office of Foreign Assets Control, Department of the Treasury, under the Iranian Assets Control Regulations.
Whom does it apply to?
Banks subject to the jurisdiction of the United States
What does it govern?
Payment of certain checks and drafts
What are exemptions?
None specified
What are the Penalties?
None specified
Jurisdiction
U.S. Federal Government