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Federal Register / Vol. 86, No. 103 / Tuesday, June 1, 2021 / Rules and Regulations OFAC does not affect any act done or omitted, or any civil or criminal proceeding commenced or pending, prior to such amendment, modification, or revocation. All penalties, forfeitures, and liabilities under any such order, regulation, ruling, instruction, or license continue and may be enforced as if such amendment, modification, or revocation had not been made.
525.403 Termination and acquisition of an interest in blocked property.

a Whenever a transaction licensed or authorized by or pursuant to this part results in the transfer of property including any property interest away from a person whose property and interests in property are blocked pursuant to 525.201, such property shall no longer be deemed to be property blocked pursuant to 525.201, unless there exists in the property another interest that is blocked pursuant to 525.201, the transfer of which has not been effected pursuant to license or other authorization.
b Unless otherwise specifically provided in a license or authorization issued pursuant to this part, if property including any property interest is transferred or attempted to be transferred to a person whose property and interests in property are blocked pursuant to 525.201, such property shall be deemed to be property in which such person has an interest and therefore blocked.
525.404 Transactions ordinarily incident to a licensed transaction.

Any transaction ordinarily incident to a licensed transaction and necessary to give effect thereto is also authorized, except:
a An ordinarily incident transaction, not explicitly authorized within the terms of the license, by or with a person whose property and interests in property are blocked pursuant to 525.201; or b An ordinarily incident transaction, not explicitly authorized within the terms of the license, involving a debit to a blocked account or a transfer of blocked property.

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525.405

Setoffs prohibited.

A setoff against blocked property including a blocked account, whether by a U.S. financial institution or other U.S. person, is a prohibited transfer under 525.201 if effected after the effective date.
525.406 Entities owned by one or more persons whose property and interests in property are blocked.

Persons whose property and interests in property are blocked pursuant to
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525.201 have an interest in all property and interests in property of an entity in which such persons directly or indirectly own, whether individually or in the aggregate, a 50 percent or greater interest. The property and interests in property of such an entity, therefore, are blocked, and such an entity is a person whose property and interests in property are blocked pursuant to 525.201, regardless of whether the name of the entity is incorporated into OFACs Specially Designated Nationals and Blocked Persons List SDN List.
Subpart ELicenses, Authorizations, and Statements of Licensing Policy 525.501 General and specific licensing procedures.

For provisions relating to licensing procedures, see part 501, subpart E, of this chapter. Licensing actions taken pursuant to part 501 of this chapter with respect to the prohibitions contained in this part are considered actions taken pursuant to this part. General licenses and statements of licensing policy relating to this part also may be available through the Burma sanctions page on OFACs website:
www.treasury.gov/ofac.
525.502

Reserved
525.503

Exclusion from licenses.

OFAC reserves the right to exclude any person, property, transaction, or class thereof from the operation of any license or from the privileges conferred by any license. OFAC also reserves the right to restrict the applicability of any license to particular persons, property, transactions, or classes thereof. Such actions are binding upon actual or constructive notice of the exclusions or restrictions.
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.

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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.
525.505 Entries in certain accounts for normal service charges.

a A U.S. financial institution is authorized to debit any blocked account held at that financial institution in payment or reimbursement for normal service charges owed it by the owner of that blocked account.
b As used in this section, the term normal service charges shall include charges in payment or reimbursement for interest due; cable, telegraph, internet, or telephone charges; postage costs; custody fees; small adjustment charges to correct bookkeeping errors;
and, but not by way of limitation, minimum balance charges, notary and protest fees, and charges for reference books, photocopies, credit reports, transcripts of statements, registered mail, insurance, stationery and supplies, and other similar items.
525.506
services.

Provision of certain legal
a The provision of the following legal services to or on behalf of persons whose property and interests in property are blocked pursuant to 525.201 is authorized, provided that any receipt of payment of professional fees and reimbursement of incurred expenses must be authorized pursuant to 525.507, which authorizes certain payments for legal services from funds originating outside the United States;
via specific license; or otherwise pursuant to this part:
1 Provision of legal advice and counseling on the requirements of and compliance with the laws of the United States or any jurisdiction within the United States, provided that such advice and counseling are not provided to facilitate transactions in violation of this part;
2 Representation of persons named as defendants in or otherwise made parties to legal, arbitration, or administrative proceedings before any U.S. Federal, state, or local court or agency;
3 Initiation and conduct of legal, arbitration, or administrative proceedings before any U.S. Federal, state, or local court or agency;
4 Representation of persons before any U.S. Federal, state, or local court or agency with respect to the imposition, administration, or enforcement of U.S.
sanctions against such persons; and 5 Provision of legal services in any other context in which prevailing U.S.

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