31 CFR 1010.653, Special measures against Commercial Bank of Syria, current text on the electronic Code of Federal Regulations
Source ID
SRC-213
Citation
31 CFR 1010.653, Special measures against Commercial Bank of Syria, current text on the electronic Code of Federal Regulations
URL or path
research/SRC-213_31CFR1010.653_ecfr.html
Type
Primary instrument, United States federal regulation
Hierarchy tier
1
Published
current
Accessed
2026-08-17
Snapshot
Retrieved 17 August 2026 from the eCFR enhanced renderer at the CURRENT text, HTTP 200
Claims
CH6 the section 311 measure that FinCEN's relief leaves standing
Status
READ_IN_PART
Version history
The register keeps changing after the book is fixed in print. Each entry below was added to this row in the order shown.
READ 17 August 2026 AT PARAGRAPH (a), DEFINITIONS, AND PARAGRAPH (b), REQUIREMENTS; paragraph (c) onwards is not read. IT IS ON THE CURRENT eCFR, WHICH IS THE POINT: the measure FinCEN relieved is still in the Code. (b)(1) IS THE PROHIBITION: 'A covered financial institution SHALL TERMINATE any correspondent account that is open or maintained in the United States for, or on behalf of, Commercial Bank of Syria.' (b)(2) requires due diligence against INDIRECT use, including notifying correspondent account holders that the account may not be used to give the Bank access, taking reasonable steps to identify indirect use from transaction records, a risk-based approach to further measures, and termination where indirect access is found, within a commercially reasonable time. FINCEN'S RELIEF AT SRC-201 DISAPPLIES ONLY (b)(1) AND (b)(2), AND ONLY FOR A CORRESPONDENT ACCOUNT FOR THE BANK. The definitions stand, the finding stands, and section 312 enhanced due diligence is expressly untouched. (a)(1) defines the Bank to include any branch, office or subsidiary in Syria or any other jurisdiction, INCLUDING SYRIAN LEBANESE COMMERCIAL BANK, which matches the relief's own footnote. (a)(3) lists the covered institutions, from insured banks and commercial banks to US agencies and branches of foreign banks, credit unions, savings associations, Edge Act corporations, federally regulated trust banks, registered brokers or dealers, futures commission merchants and mutual funds.