As noted by definition of financial institution in 560.324, this includes money service businesses such as saraafis or Informal Value Transfer Systems such as hawalas.ĥ60.405 – Authorizing transactions ordinarily incident to a licensed transaction The new regulations block the Government Iran, the Central Bank of Iran, and all Iranian financial institutions, regardless of whether or not their name appears in the federal register or are listed by OFAC as a Specially Designated National (SDN). This section implements the provisions of the NDAA and E.O. Here is a list of some of the biggest changes:ĥ60.211 – Prohibited transactions involving blocked property OFAC has also added or revised a number of general licenses which authorize transactions that would otherwise be prohibited under the ITSR. The revision of 31 CFR Part 560 is designed to define the scale and scope of these changes. “freezing”) of all property and assets of the Government of Iran, the Central Bank of Iran, and all Iranian financial institutions that come into the possession of a U.S.
13599 and subsections 1345 (c) and (d)(1)(b) of the NDAA is the blocking (a.k.a. To reflect these changes, the ITR have been renamed the “Iranian Transactions and Sanctions Regulations” (ITSR). Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued a significant revision of 31 CFR Part 560, the Iranian Transactions Regulations (ITR) in order to implement Executive Order 13599 and subsections 1245 (c) and (d)(1)(b) of the National Defense Authorization Act of 2012(NDAA).
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