§9221a Prohibition on Indirect Correspondent Accounts

Summary

A U.S. financial institution must stop a correspondent account if it learns a foreign bank is using that account to indirectly give significant financial services to any person, foreign government, or financial institution listed under section 9214. The U.S. institution must make sure the account is no longer used for those services. Transfers to or from North Korea, or for the benefit of someone listed under section 9214, are allowed only if the transfer comes from an underlying transaction authorized by a specific or general license from the Treasury Secretary and the transfer does not debit or credit a North Korean account. Definitions: correspondent account — see section 5318A, title 31; United States financial institution — see section 510.310, title 31 (as of August 2, 2017); foreign financial institution — see section 1010.605, title 31 (as of August 2, 2017).