OFAC FAQ 157. How will the Treasury Department enforce the Iranian Financial Sanctions Regulations (IFSR) with respect to U.S. entities?

Published guidance of the U.S. Department of the Treasury, Office of Foreign Assets Control.

Iran Sanctions

  <a href="https://ofac.treasury.gov/faqs/topic/1551/print" target="_blank" class="treas-btn treas-btn--secondary treas-btn--small print-button">Print this topic</a>

Iran Sanctions

1551 Iran Sanctions

157 How will the Treasury Department enforce the Iranian Financial Sanctions Regulations (IFSR) with respect to U.S. entities?

Any U.S. person who violates the correspondent account provisions of the IFSR may be subject to civil penalties of up to the greater of $250,000 or twice the transaction value, and criminal penalties for willful violations of up to $1 million and 20 years in prison. A U.S. financial institution may be subject to civil penalties of up to the greater of $250,000 or twice the transaction value, if any person that it owns or controls violates the IFSR prohibition on engaging in any transaction with or benefitting the Islamic Revolutionary Guard Corps (IRGC) or any of its agents or affiliates whose property and interests in property are blocked pursuant to the International Emergency Economic Powers Act (IEEPA), and if the U.S. financial institution knew or should have known that the person violated the IFSR.