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22 U.S.C. § 9222 — Prohibition on indirect correspondent accounts

Federal law — U.S. Code and appendices · legal_authorities

22 U.S.C. § 9222 — Prohibition on indirect correspondent accounts

**(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section9214&num=0&edition=prelim), the United States financial institution shall ensure that such correspondent account is no longer used to provide such services. **(b) Exception** 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section9214&num=0&edition=prelim), 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) Definitions** In this section: (1) **Correspondent account** — The term “correspondent account” has the meaning given that term in [section 5318A of title 31](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section5318A&num=0&edition=prelim). (2) **United States financial institution** — The term “United States financial institution” means 11 So in original. has the meaning given that ter

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Source file: Laws/federal/codes/united-states-code/title-22/section-9222-prohibition-on-indirect-correspondent-accounts--054876f372.md
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Source location: Title 22, Chapter 99, § 9222; chapter-099-north-korea-sanctions-and-policy-enhancement.md

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Federal law — U.S. Code and appendices · legal_authorities

31 U.S.C. § 5318A — Special measures for jurisdictions, financial institutions, international transactions, or types of accounts of primary money laundering concern

**(a) International Counter-Money Laundering Requirements.—** (1) **In general.—** — The Secretary of the Treasury may require domestic financial institutions and domestic financial agencies to take 1 or more of the special measures described in subsection (b) if the Secretary finds that reasonable grounds exist for concluding that a jurisdiction outside of the United States, 1 or more financial institutions operating outside of the United States, 1 or more classes of transactions within, or involving, a jurisdiction outside of the United States, or 1 or more types of accounts is of primary money laundering concern, in accordance with subsection (c). (2) **Form of requirement.—** — The special measures described in— (A) subsection (b) may be imposed in such sequence or combination as the Secretary shall determine; (B) paragraphs (1) through (4) of subsection (b) may be imposed by regulation, order, or otherwise as permitted by law; and (C) subsection (b)(5) may be imposed only by regulation. (3) **Duration of orders; rulemaking.—** — Any order by which a special measure described in paragraphs (1) through (4) of subsection (b) is imposed (other than an order described in section 5326)— (A) shall be issued together with a notice of proposed rulemaking relating to the imposition of such special measure; and (B) may not remain in effect for more than 120 days, except pursuant to a rule promulgated on or before the end of the 120-day period beginning on the date of issuance of such order. (4) **Process for selecting special measures.—** — In selecting which special measure or measures to take under this subsection, the Secretary of the Treasury— (A) shall consult with the Chairman of the Board of Governors of the Federal Reserve System, any other appro

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Federal law — U.S. Code and appendices · legal_authorities

22 U.S.C. § 9214 — Statement of policy

In order to achieve the peaceful disarmament of North Korea, Congress finds that it is necessary— (1) to encourage all member states of the United Nations to fully and promptly implement United Nations Security Council Resolution 2094 (2013); (2) to sanction the persons, including financial institutions, that facilitate proliferation, illicit activities, arms trafficking, cyberterrorism, imports of luxury goods, serious human rights abuses, cash smuggling, and censorship by the Government of North Korea; (3) to authorize the President to sanction persons who fail to exercise due diligence to ensure that such financial institutions and member states do not facilitate proliferation, arms trafficking, kleptocracy, or imports of luxury goods by the Government of North Korea; (4) to deny the Government of North Korea access to the funds it uses to develop or obtain nuclear weapons, ballistic missiles, cyberwarfare capabilities, and luxury goods instead of providing for the needs of the people of North Korea; and (5) to enforce sanctions in a manner that does not significantly hinder or delay the efforts of legitimate United States or foreign humanitarian organizations from providing assistance to meet the needs of civilians facing humanitarian crisis, including access to food, health care, shelter, and clean drinking water, to prevent or alleviate human suffering.

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Federal law — U.S. Code and appendices · legal_authorities

22 U.S.C. § 9222 — Ensuring the consistent enforcement of

Page 2203 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 9222 that such penalty applies to a person that com- mits an unlawful act described in section 206(a) of that Act if an entity owned or controlled by the United States financial institution and es- tablished or maintained outside the United States violates, attempts to violate, conspires to violate, or causes a violation of any order or regulation issued to implement subsection (a). (d) United States financial institution defined In this section, the term ‘‘United States finan- cial institution’’ has the meaning given the term ‘‘U.S. financial institution’’ in section 510.328 of title 31, Code of Federal Regulations (or any corresponding similar regulation or rul- ing). (Pub. L. 114–122, title II, § 201C, as added Pub. L. 116–92, div. F, title LXXI, § 7121(a), Dec. 20, 2019, 133 Stat. 2246.) Editorial Notes REFERENCES IN TEXT The International Emergency Economic Powers Act, referred to in subsec. (b), is title II of Pub. L. 95–223, Dec. 28, 1977, 91 Stat. 1626, which is classified generally to chapter 35 (§ 1701 et seq.) of Title 50, War and Na- tional Defense. For complete classification of this Act to the Code, see Short Title note set out under section 1701 of Title 50 and Tables. § 9222. Ensuring the consistent enforcement of United Nations Security Council resolutions and financial restrictions on North Korea (a) Findings Congress makes the following findings: (1) All member states of the United Nations are obligated to implement and enforce appli- cable United Nations Security Council resolu- tions fully and promptly, including by block- ing the property of, and ensuring that any property is prevented from being made avail- able to, persons designated for the blocking of property b

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