Title 22 — Foreign Relations and IntercourseRelease 119-73not60

§9221a Prohibition on Indirect Correspondent Accounts

Title 22 › Chapter 99— NORTH KOREA SANCTIONS AND POLICY ENHANCEMENT › Subchapter II— SANCTIONS AGAINST NORTH KOREAN PROLIFERATION, HUMAN RIGHTS ABUSES, AND ILLICIT ACTIVITIES › § 9221a

Last updated Apr 5, 2026|Official source

Summary

A United States financial institution must stop letting a correspondent account be used if the account is being used by a foreign financial institution to provide major financial services indirectly to any person, government, or bank listed under section 9214. Transfers to or from North Korea, or transfers that benefit anyone or any bank or government listed under section 9214, are only allowed if two things are both true: the transfer comes from and is needed to carry out an underlying transaction that a specific or general license from the Secretary of the Treasury authorizes, and the transfer does not debit or credit a North Korean account. Correspondent account — see 31 U.S.C. 5318A. United States financial institution — see 31 C.F.R. 510.310 (as in effect on August 2, 2017). Foreign financial institution — see 31 C.F.R. 1010.605 (as in effect on August 2, 2017).

Full Legal Text

Title 22, §9221a

Foreign Relations and Intercourse — Source: USLM XML via OLRC

(a)Except as provided in subsection (b), if a United States financial institution has or obtains knowledge that a correspondent account established, maintained, administered, or managed by that institution for a foreign financial institution is being used by the foreign financial institution to provide significant financial services indirectly to any person, foreign government, or financial institution designated under section 9214 of this title, the United States financial institution shall ensure that such correspondent account is no longer used to provide such services.

(b)A United States financial institution is authorized to process transfers of funds to or from North Korea, or for the direct or indirect benefit of any person, foreign government, or financial institution that is designated under section 9214 of this title, only if the transfer—

(1)arises from, and is ordinarily incident and necessary to give effect to, an underlying transaction that has been authorized by a specific or general license issued by the Secretary of the Treasury; and

(2)does not involve debiting or crediting a North Korean account.

(c)In this section:

(1)The term “correspondent account” has the meaning given that term in section 5318A of title 31.

(2)The term “United States financial institution” means 11 So in original. has the meaning given that term in section 510.310 of title 31, Code of Federal Regulations, as in effect on August 2, 2017.

(3)The term “foreign financial institution” has the meaning given that term in section 1010.605 of title 31, Code of Federal Regulations, as in effect on August 2, 2017.

Reference

Citations & Metadata

Citation

22 U.S.C. § 9221a

Title 22 — Foreign Relations and Intercourse

Last Updated

Apr 5, 2026

Release point: 119-73not60