FOREIGN ASSETS CONTROL ACT

Effective October 3, 2001, the Department of the Treasury's Office of Foreign Assets Control (OFAC) amended its regulations concerning Yugoslavia. The amendments change the status of some previously blocked funds, allowing certain funds to be returned to remitters and requiring that others originally destined for accounts established by blocked persons on the books of U.S. financial institutions be forwarded into those accounts.

Attached for your information is a copy of the amended regulations. OFAC has asked that we distribute the information to all FDIC-supervised institutions. General OFAC information also may be found on the Internet at https://home.treasury.gov/policy-issues/office-of-foreign-assets-control-sanctions-programs-and-information .

Please distribute this information to the appropriate personnel in your institution. For further information about Executive Orders, the list of blocked accounts or the procedures to block accounts, please call OFAC's Compliance Programs Division at 1-800-540-6322.

For your reference, all FDIC Financial Institution Letters published since January of 1995 may be found on the FDIC's Web site at www.fdic.gov under "Newsroom, Events & FOIA." To learn how to automatically receive FDIC Financial Institution Letters through e-mail, please visit http://www.fdic.gov/news/news/announcements/index.html .

Attachment: OFAC Yugoslavia Regulations
(PDF 62.3 KB File - PDF Help or Hard Copy )

Distribution: FDIC-Supervised Banks (Commercial and Savings)

NOTE: Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 801 17th Street, NW, Room 100, Washington, DC 20434 (800-276-6003 or (703) 562-2200).