§516.504
ActivePayments and transfers to blocked accounts in U.S. financial institutions
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Summary
Any payment of funds or transfer of credit in which a person blocked under § 516.201 has any interest that comes within the possession or control of a U.S. financial institution must be blocked in an account on its books. The section authorizes a U.S. financial institution to transfer funds or credit between blocked accounts in its branches or offices.
Conditions
No transfer may be made from an account within the United States to an account held outside the United States, and a transfer from a blocked account may be made only to another blocked account held in the same name. Mandatory reporting of financial transfers is at 31 CFR 501.603; blocked funds must be held in blocked interest-bearing accounts (§ 516.203).