Sec. 3. Conditions with respect to certain accounts and transactions at United States financial institutions

311 words·~1 min read·/bill/116/hr/4084/ih/section-3

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Not later than 180 days after the date of the enactment of this Act, the Secretary of the Treasury shall prescribe regulations to prohibit, or impose strict conditions on, the opening or maintaining in the United States of a correspondent account or a payable-through account by a foreign financial institution that the Secretary finds knowingly facilitates a significant transaction or provides significant financial services for a covered person. A person who violates, attempts to violate, conspires to violate, or causes a violation of regulations prescribed under this subsection shall be subject to a civil penalty in an amount not to exceed the greater of— $250,000; or an amount that is twice the amount of the transaction that is the basis of the violation with respect to which the penalty is imposed.

A person who willfully commits, willfully attempts to commit, or willfully conspires to commit, or aids or abets in the commission of, a violation of regulations prescribed under this subsection shall, upon conviction, be fined not more than $1,000,000, or if a natural person, may be imprisoned for not more than 20 years, or both. Not later than 180 days after the date of the enactment of this Act, the Secretary of the Treasury shall prescribe regulations to prohibit a United States financial institution, and any person owned or controlled by a United States financial institution, from knowingly engaging in a significant transaction with or benefitting any person that the Secretary finds to be a covered person.

A person who violates, attempts to violate, conspires to violate, or causes a violation of regulations prescribed under this subsection shall be subject to a civil penalty in an amount not to exceed the greater of— $250,000; or an amount that is twice the amount of the transaction that is the basis of the violation with respect to which the penalty is imposed.