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Title 31

Displaying title 31, up to date as of 9/23/2021. Title 31 was last amended 9/16/2021.

Title 31

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§ 525.504 Payments and transfers to blocked accounts in U.S. financial institutions.

Any payment of funds or transfer of credit in which a person whose property and interests in property are blocked pursuant to § 525.201 has any interest that comes within the possession or control of a U.S. financial institution must be blocked in an account on the books of that financial institution. A transfer of funds or credit by a U.S. financial institution between blocked accounts in its branches or offices is authorized, provided that no transfer is made from an account within the United States to an account held outside the United States, and further provided that a transfer from a blocked account may be made only to another blocked account held in the same name.

Note 1 to § 525.504.

See § 501.603 of this chapter for mandatory reporting requirements regarding financial transfers. See also § 525.203 concerning the obligation to hold blocked funds in interest-bearing accounts.