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Federal Register / Vol. 86, No. 103 / Tuesday, June 1, 2021 / Rules and Regulations
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d Transfers of property that otherwise would be null and void or unenforceable by virtue of the provisions of this section shall not be deemed to be null and void or unenforceable as to any person with whom such property is or was held or maintained and as to such person only in cases in which such person is able to establish to the satisfaction of OFAC
each of the following:
1 Such transfer did not represent a willful violation of the provisions of this part by the person with whom such property is or was held or maintained and as to such person only;
2 The person with whom such property is or was held or maintained did not have reasonable cause to know or suspect, in view of all the facts and circumstances known or available to such person, that such transfer required a license or authorization issued pursuant to this part and was not so licensed or authorized, or, if a license or authorization did purport to cover the transfer, that such license or authorization had been obtained by misrepresentation of a third party or withholding of material facts or was otherwise fraudulently obtained; and 3 The person with whom such property is or was held or maintained filed with OFAC a report setting forth in full the circumstances relating to such transfer promptly upon discovery that:
i Such transfer was in violation of the provisions of this part or any regulation, ruling, instruction, license, or other directive or authorization issued pursuant to this part;
ii Such transfer was not licensed or authorized by OFAC; or iii If a license did purport to cover the transfer, such license had been obtained by misrepresentation of a third party or withholding of material facts or was otherwise fraudulently obtained.
e The filing of a report in accordance with the provisions of paragraph d3
of this section shall not be deemed evidence that the terms of paragraphs d1 and 2 of this section have been satisfied.
f Unless licensed pursuant to this part, any attachment, judgment, decree, lien, execution, garnishment, or other judicial process is null and void with respect to any property or interest in property blocked pursuant to 525.201.
525.203 Holding of funds in interestbearing accounts; investment and reinvestment.

a Except as provided in paragraph e or f of this section, or as otherwise directed or authorized by OFAC, any U.S. person holding funds, such as currency, bank deposits, or liquidated
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financial obligations, subject to 525.201 shall hold or place such funds in a blocked interest-bearing account located in the United States.
b1 For the purposes of this section, the term blocked interest-bearing account means a blocked account:
i In a federally insured U.S. bank, thrift institution, or credit union, provided the funds are earning interest at rates that are commercially reasonable; or ii With a broker or dealer registered with the Securities and Exchange Commission under the Securities Exchange Act of 1934 15 U.S.C. 78a et seq., provided the funds are invested in a money market fund or in U.S.
Treasury bills.
2 Funds held or placed in a blocked account pursuant to paragraph a of this section may not be invested in instruments the maturity of which exceeds 180 days.
c For the purposes of this section, a rate is commercially reasonable if it is the rate currently offered to other depositors on deposits or instruments of comparable size and maturity.
d For the purposes of this section, if interest is credited to a separate blocked account or subaccount, the name of the account party on each account must be the same.
e Blocked funds held in instruments the maturity of which exceeds 180 days at the time the funds become subject to 525.201 may continue to be held until maturity in the original instrument, provided any interest, earnings, or other proceeds derived therefrom are paid into a blocked interest-bearing account in accordance with paragraph a or f of this section.
f Blocked funds held in accounts or instruments outside the United States at the time the funds become subject to 525.201 may continue to be held in the same type of accounts or instruments, provided the funds earn interest at rates that are commercially reasonable.
g This section does not create an affirmative obligation for the holder of blocked tangible property, such as real or personal property, or of other blocked property, such as debt or equity securities, to sell or liquidate such property. However, OFAC may issue licenses permitting or directing such sales or liquidation in appropriate cases.
h Funds subject to this section may not be held, invested, or reinvested in a manner that provides financial or economic benefit or access to any person whose property and interests in property are blocked pursuant to 525.201, nor may their holder cooperate in or facilitate the pledging or
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other attempted use as collateral of blocked funds or other assets.
525.204 Expenses of maintaining blocked tangible property; liquidation of blocked property.

a Except as otherwise authorized, and notwithstanding the existence of any rights or obligations conferred or imposed by any international agreement or contract entered into or any license or permit granted prior to the effective date, all expenses incident to the maintenance of tangible property blocked pursuant to 525.201 shall be the responsibility of the owners or operators of such property, which expenses shall not be met from blocked funds.
b Property blocked pursuant to 525.201 may, in the discretion of OFAC, be sold or liquidated and the net proceeds placed in a blocked interestbearing account in the name of the owner of the property.
525.205

Exempt transactions.

The prohibitions contained in this part do not apply to any postal, telegraphic, telephonic, or other personal communication that does not involve the transfer of anything of value.
Subpart CGeneral Definitions 525.300

Applicability of definitions.

The definitions in this subpart apply throughout the entire part.
525.301
property.

Blocked account; blocked
The terms blocked account and blocked property mean any account or property subject to the prohibitions in 525.201 held in the name of a person whose property and interests in property are blocked pursuant to 525.201, or in which such person has an interest, and with respect to which payments, transfers, exportations, withdrawals, or other dealings may not be made or effected except pursuant to a license or other authorization from OFAC expressly authorizing such action.
Note 1 to 525.301. See 525.406
concerning the blocked status of property and interests in property of an entity that is directly or indirectly owned, whether individually or in the aggregate, 50 percent or more by one or more persons whose property and interests in property are blocked pursuant to 525.201.
525.302

Effective date.

a The term effective date refers to the effective date of the applicable prohibitions and directives contained in this part, and with respect to a person whose property and interests in
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