31 C.F.R. § 560.517 Exportation of services: Iranian accounts at United States depository institutions or United States registered brokers or dealers in securities.
Title 31 - Money and Finance: Treasury
(a) United States depository institutions are prohibited from performing services with respect to Iranian accounts, as defined in §560.320, at the instruction of the Government of Iran or persons located in Iran, except that United States depository institutions are authorized to provide and be compensated for services and incidental transactions with respect to: (1) The maintenance of Iranian accounts, including the payment of interest and the debiting of service charges; (2) The processing of transfers arising from underlying transactions that are exempted from regulation pursuant to section 203(b) of the International Emergency Economic Powers Act, 50 U.S.C. 1702(b), such as an exportation of information or informational materials to Iran, a travel-related remittance, or payment for the shipment of a donation of articles to relieve human suffering; and (3) At the request of the account party, the closing of Iranian accounts and the lump sum transfer only to the account party of all remaining funds and other assets in the account. (b) United States registered brokers or dealers in securities are prohibited from performing services with respect to Iranian accounts, as defined in §560.320, at the instruction of the Government of Iran or persons located in Iran, except that United States registered brokers or dealers in securities are authorized to provide and be compensated for services and incidental transactions with respect to: (1) The limited maintenance of an Iranian account, including only the payment into such account of interest, cash dividends, and stock dividends; the debiting of service charges; and the execution of stock splits and dividend reinvestment plans; and (2) At the request of the account party, the closing of Iranian accounts through the one-time liquidation of all assets in the account at fair market value and the lump sum transfer only to the account party of all proceeds derived therefrom and all remaining funds in the account. (c) Specific licenses may be issued with respect to the operation of Iranian accounts that constitute accounts of: (1) Foreign government missions and their personnel in Iran; or (2) Missions of the Government of Iran in the United States. [60 FR 47063, Sept. 11, 1995, as amended at 70 FR 15584, Mar. 28, 2005]
Title 31: Money and Finance: Treasury
PART 560—IRANIAN TRANSACTIONS REGULATIONS
Subpart E—Licenses, Authorizations and Statements of Licensing Policy
§ 560.517 Exportation of services: Iranian accounts at United States depository institutions or United States registered brokers or dealers in securities.
