GL-21

Summary

This license authorizes U.S. financial institutions to debit blocked accounts for normal service charges owed by the account owner. It also requires that any funds or transfers of credit in which a blocked person has an interest that come into a U.S. financial institution's possession must be placed in a blocked account. Transfers of funds between blocked accounts within the same financial institution's branches or offices are permitted, subject to conditions.

Authorized activities

• Debiting blocked accounts for normal service charges (interest due, cable/telegraph/internet/telephone charges, postage costs, custody fees, small bookkeeping adjustment charges, minimum balance charges, notary and protest fees, charges for reference books, photocopies, credit reports, transcripts, registered mail, insurance, stationery and supplies)
• Blocking incoming payments or transfers of credit in which a blocked person has an interest into a blocked account on the books of the U.S. financial institution
• Transferring funds or credit between blocked accounts in different branches or offices of the same U.S. financial institution, provided no transfer goes from inside the U.S. to outside the U.S. and transfers are only to another blocked account in the same name

Conditions

Transfers between blocked accounts are only permitted within the same financial institution's branches or offices, 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 only be made to another blocked account held in the same name. The license does not authorize any transaction otherwise prohibited by E.O. of August 5, 2019, E.O. 13850, E.O. 13835, E.O. 13827, E.O. 13808, E.O. 13692 (each as amended by E.O. 13857), or any part of 31 C.F.R. chapter V.