Reporting Obligations on Foreign Bank Relationships with Iranian-Linked Financial Institutions Designated under IEEPA and IRGC-Linked Persons Designated under IEEPA (31 CFR 1060.300)

The Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (CISADA) amended the Iran Sanctions Act of 1996 by expanding economic sanctions against Iran, and required the Secretary to prescribe regulations to establish one or more specific requirements for U.S. financial institutions maintaining correspondent accounts for foreign financial institutions, in connection with certain statutory sanctionable activities. On October 11, 2011, pursuant to section 104(e) of CISADA, FinCEN issued a final rule requiring a bank operating within the United States (U.S. bank) that maintains a correspondent account for a specified foreign bank to make certain inquiries and report certain information about transactions or other financial services provided by that foreign bank. U.S. banks are only required to report this information upon receiving a specific written request from FinCEN (CISADA Request). Upon receiving a CISADA Request, a U.S. bank that maintains a correspondent account for a specified foreign bank is required to make certain inquiries and provide a report to FinCEN (CISADA Report) of: (i) any correspondent account maintained by such foreign bank for an Iranian-linked financial institution designated under the International Emergency Economic Powers Act (IEEPA) (“Iranian-linked Financial Institution”); (ii) any direct or indirect transfer of funds for or on behalf of an Iranian-linked financial institution processed by such foreign bank within the preceding 90 calendar days, other than through a correspondent account; (iii) and any direct or indirect transfer of funds for or on behalf of an Islamic Revolutionary Guard Corps (IRGC)-linked person designated under IEEPA (“IRGC-linked Person”) processed by such foreign bank within the preceding 90 calendar days. There is an optional CISADA certification form U.S. banks may use to obtain the necessary information from specified foreign banks. A U.S. bank must maintain a copy of any CISADA Report and the original or any business record equivalent of any supporting documentation for a CISADA Report, including a foreign bank certification or other responses to an inquiry for a period five years.

The latest form for Reporting Obligations on Foreign Bank Relationships with Iranian-Linked Financial Institutions Designated under IEEPA and IRGC-Linked Persons Designated under IEEPA (31 CFR 1060.300) expires 2028-09-30 and can be found here.

CISADA Reports when a U.S. bank maintains an account for a foreign bank

Federal Enterprise Architecture: Law Enforcement - Criminal Investigation and Surveillance

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