[Code of Federal Regulations]

[Title 31, Volume 3]

[Revised as of July 1, 2005]

From the U.S. Government Printing Office via GPO Access

[CITE: 31CFR597.503]



[Page 488]

 

                  TITLE 31--MONEY AND FINANCE: TREASURY

 

 CHAPTER V--OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY

 

PART 597_FOREIGN TERRORIST ORGANIZATIONS SANCTIONS REGULATIONS--Table 

of Contents

 

 Subpart E_Licenses, Authorizations, and Statements of Licensing Policy

 

Sec. 597.503  Payments and transfers to blocked accounts in U.S. 

financial institutions.



    (a) Any payment of funds or transfer of credit or other financial or 

economic resources or assets by a financial institution into a blocked 

account in a U.S. financial institution is authorized, provided that a 

transfer from a blocked account pursuant to this authorization may only 

be made to another blocked account held in the same name on the books of 

the same U.S. financial institution.

    (b) This section does not authorize any transfer from a blocked 

account within the United States to an account held outside the United 

States.



    Note to Sec. 597.503: Please refer to Sec. Sec. 501.603 and 

597.601 of this chapter for mandatory reporting requirements regarding 

financial transfers.