[Code of Federal Regulations]
[Title 31, Volume 2]
[Revised as of July 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR587.504]

[Page 882]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
 CHAPTER V--OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY
 
PART 587--FEDERAL REPUBLIC OF YUGOSLAVIA (SERBIA AND MONTENEGRO) MILOSEVIC SANCTIONS REGULATIONS--Table of Contents
 
 Subpart E--Licenses, Authorizations and Statements of Licensing Policy
 
Sec. 587.504  Payments and transfers to blocked accounts in U.S. financial institutions.

    Any payment of funds or transfer of credit in which a person 
designated in or pursuant to Sec. 587.201(a) has any interest, that 
comes within the possession or control of a U.S. financial institution, 
must be blocked in an account on the books of that financial 
institution. A transfer of funds or credit by a U.S. financial 
institution between blocked accounts in its branches or offices is 
authorized, provided that no transfer is made from an account within the 
United States to an account held outside the United States, and further 
provided that a transfer from a blocked account may only be made to 
another blocked account held in the same name.
    Note to Sec. 587.504. Please refer to Sec. 501.603 of this chapter 
for mandatory reporting requirements regarding financial transfers. See 
also Sec. 587.203 concerning the obligation to hold blocked funds in 
interest-bearing accounts.