2018 US Code
Title 22 - Foreign Relations and Intercourse
Chapter 99 - North Korea Sanctions and Policy Enhancement
Subchapter II - Sanctions Against North Korean Proliferation, Human Rights Abuses, and Illicit Activities
Sec. 9221a - Prohibition on indirect correspondent accounts
| 22 U.S.C. § 9221a (2018) |
| §9221a. Prohibition on indirect correspondent accounts |
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(a) In general
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) ExceptionA 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. In this section: (1) Correspondent accountThe term "correspondent account" has the meaning given that term in section 5318A of title 31. The term "United States financial institution" means 1 has the meaning given that term in section 510.310 of title 31, Code of Federal Regulations, as in effect on August 2, 2017. 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. |
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(Pub. L. 114–122, title II, §201A, as added Pub. L. 115–44, title III, §312(a), Aug. 2, 2017, 131 Stat. 945.) |
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1 So in original. |
| United States Code, 2018 Edition, Title 22 - FOREIGN RELATIONS AND INTERCOURSE |
| Bills and Statutes |
| United States Code |
| Y 1.2/5: |
| Title 22 - FOREIGN RELATIONS AND INTERCOURSE CHAPTER 99 - NORTH KOREA SANCTIONS AND POLICY ENHANCEMENT SUBCHAPTER II - SANCTIONS AGAINST NORTH KOREAN PROLIFERATION, HUMAN RIGHTS ABUSES, AND ILLICIT ACTIVITIES Sec. 9221a - Prohibition on indirect correspondent accounts |
| section 9221a |
| 2018 |
| January 14, 2019 |
| No |
| standard |
| 131 Stat. 945 |
| Public Law 114-122, Public Law 115-44 |
