OFAC FAQ #214 · Iran Sanctions
What is the licensing process for U.S. financial institutions that need to conduct transactions in order to close correspondent or payable-through accounts with a foreign financial institution sanctioned pursuant to the Comprehensive Iran Sanctions, Accountability, and Divestment Act (CISADA)?
OFAC's answer
Context Information: This FAQ is associated with the [Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (CISADA)](https://ofac.treasury.gov/faqs/search?search_api_fulltext=&fulltext_phrase_search=This+FAQ+is+associated+with+the+Comprehensive+Iran+Sanctions%2C+Accountability%2C+and+Divestment+Act+of+2010+%28CISADA%29). Treasury regulations provide a 10-day period in which U.S. financial institutions are authorized to engage in the transactions necessary to close an affected account. If a U.S. financial institution that is in the process of closing an affected account seeks to engage in transactions beyond those already authorized, Treasury may issue specific licenses on a case-by-case basis.