31 U.S.C. § 5318A : US Code - Section 5318A: Special measures for jurisdictions, financial institutions, international transactions, or types of accounts of primary money laundering concern

      (a) International Counter-Money Laundering Requirements. - 
        (1) In general. - The Secretary of the Treasury may require
      domestic financial institutions and domestic financial agencies
      to take 1 or more of the special measures described in subsection
      (b) if the Secretary finds that reasonable grounds exist for
      concluding that a jurisdiction outside of the United States, 1 or
      more financial institutions operating outside of the United
      States, 1 or more classes of transactions within, or involving, a
      jurisdiction outside of the United States, or 1 or more types of
      accounts is of primary money laundering concern, in accordance
      with subsection (c).
        (2) Form of requirement. - The special measures described in - 
          (A) subsection (b) may be imposed in such sequence or
        combination as the Secretary shall determine;
          (B) paragraphs (1) through (4) of subsection (b) may be
        imposed by regulation, order, or otherwise as permitted by law;
        and
          (C) subsection (b)(5) may be imposed only by regulation.

        (3) Duration of orders; rulemaking. - Any order by which a
      special measure described in paragraphs (1) through (4) of
      subsection (b) is imposed (other than an order described in
      section 5326) - 
          (A) shall be issued together with a notice of proposed
        rulemaking relating to the imposition of such special measure;
        and
          (B) may not remain in effect for more than 120 days, except
        pursuant to a rule promulgated on or before the end of the 120-
        day period beginning on the date of issuance of such order.

        (4) Process for selecting special measures. - In selecting
      which special measure or measures to take under this subsection,
      the Secretary of the Treasury - 
          (A) shall consult with the Chairman of the Board of Governors
        of the Federal Reserve System, any other appropriate Federal
        banking agency (as defined in section 3 of the Federal Deposit
        Insurance Act) (!1) the Secretary of State, the Securities and
        Exchange Commission, the Commodity Futures Trading Commission,
        the National Credit Union Administration Board, and in the sole
        discretion of the Secretary, such other agencies and interested
        parties as the Secretary may find to be appropriate; and

          (B) shall consider - 
            (i) whether similar action has been or is being taken by
          other nations or multilateral groups;
            (ii) whether the imposition of any particular special
          measure would create a significant competitive disadvantage,
          including any undue cost or burden associated with
          compliance, for financial institutions organized or licensed
          in the United States;
            (iii) the extent to which the action or the timing of the
          action would have a significant adverse systemic impact on
          the international payment, clearance, and settlement system,
          or on legitimate business activities involving the particular
          jurisdiction, institution, class of transactions, or type of
          account; and
            (iv) the effect of the action on United States national
          security and foreign policy.

        (5) No limitation on other authority. - This section shall not
      be construed as superseding or otherwise restricting any other
      authority granted to the Secretary, or to any other agency, by
      this subchapter or otherwise.

      (b) Special Measures. - The special measures referred to in
    subsection (a), with respect to a jurisdiction outside of the
    United States, financial institution operating outside of the
    United States, class of transaction within, or involving, a
    jurisdiction outside of the United States, or 1 or more types of
    accounts are as follows:
        (1) Recordkeeping and reporting of certain financial
      transactions. - 
          (A) In general. - The Secretary of the Treasury may require
        any domestic financial institution or domestic financial agency
        to maintain records, file reports, or both, concerning the
        aggregate amount of transactions, or concerning each
        transaction, with respect to a jurisdiction outside of the
        United States, 1 or more financial institutions operating
        outside of the United States, 1 or more classes of transactions
        within, or involving, a jurisdiction outside of the United
        States, or 1 or more types of accounts if the Secretary finds
        any such jurisdiction, institution, class of transactions, or
        type of account to be of primary money laundering concern.
          (B) Form of records and reports. - Such records and reports
        shall be made and retained at such time, in such manner, and
        for such period of time, as the Secretary shall determine, and
        shall include such information as the Secretary may determine,
        including - 
            (i) the identity and address of the participants in a
          transaction or relationship, including the identity of the
          originator of any funds transfer;
            (ii) the legal capacity in which a participant in any
          transaction is acting;
            (iii) the identity of the beneficial owner of the funds
          involved in any transaction, in accordance with such
          procedures as the Secretary determines to be reasonable and
          practicable to obtain and retain the information; and
            (iv) a description of any transaction.

        (2) Information relating to beneficial ownership. - In addition
      to any other requirement under any other provision of law, the
      Secretary may require any domestic financial institution or
      domestic financial agency to take such steps as the Secretary may
      determine to be reasonable and practicable to obtain and retain
      information concerning the beneficial ownership of any account
      opened or maintained in the United States by a foreign person
      (other than a foreign entity whose shares are subject to public
      reporting requirements or are listed and traded on a regulated
      exchange or trading market), or a representative of such a
      foreign person, that involves a jurisdiction outside of the
      United States, 1 or more financial institutions operating outside
      of the United States, 1 or more classes of transactions within,
      or involving, a jurisdiction outside of the United States, or 1
      or more types of accounts if the Secretary finds any such
      jurisdiction, institution, or transaction or type of account to
      be of primary money laundering concern.
        (3) Information relating to certain payable-through accounts. -
      If the Secretary finds a jurisdiction outside of the United
      States, 1 or more financial institutions operating outside of the
      United States, or 1 or more classes of transactions within, or
      involving, a jurisdiction outside of the United States to be of
      primary money laundering concern, the Secretary may require any
      domestic financial institution or domestic financial agency that
      opens or maintains a payable-through account in the United States
      for a foreign financial institution involving any such
      jurisdiction or any such financial institution operating outside
      of the United States, or a payable through account through which
      any such transaction may be conducted, as a condition of opening
      or maintaining such account - 
          (A) to identify each customer (and representative of such
        customer) of such financial institution who is permitted to
        use, or whose transactions are routed through, such payable-
        through account; and
          (B) to obtain, with respect to each such customer (and each
        such representative), information that is substantially
        comparable to that which the depository institution obtains in
        the ordinary course of business with respect to its customers
        residing in the United States.

        (4) Information relating to certain correspondent accounts. -
      If the Secretary finds a jurisdiction outside of the United
      States, 1 or more financial institutions operating outside of the
      United States, or 1 or more classes of transactions within, or
      involving, a jurisdiction outside of the United States to be of
      primary money laundering concern, the Secretary may require any
      domestic financial institution or domestic financial agency that
      opens or maintains a correspondent account in the United States
      for a foreign financial institution involving any such
      jurisdiction or any such financial institution operating outside
      of the United States, or a correspondent account through which
      any such transaction may be conducted, as a condition of opening
      or maintaining such account - 
          (A) to identify each customer (and representative of such
        customer) of any such financial institution who is permitted to
        use, or whose transactions are routed through, such
        correspondent account; and
          (B) to obtain, with respect to each such customer (and each
        such representative), information that is substantially
        comparable to that which the depository institution obtains in
        the ordinary course of business with respect to its customers
        residing in the United States.

        (5) Prohibitions or conditions on opening or maintaining
      certain correspondent or payable-through accounts. - If the
      Secretary finds a jurisdiction outside of the United States, 1 or
      more financial institutions operating outside of the United
      States, or 1 or more classes of transactions within, or
      involving, a jurisdiction outside of the United States to be of
      primary money laundering concern, the Secretary, in consultation
      with the Secretary of State, the Attorney General, and the
      Chairman of the Board of Governors of the Federal Reserve System,
      may prohibit, or impose conditions upon, the opening or
      maintaining in the United States of a correspondent account or
      payable-through account by any domestic financial institution or
      domestic financial agency for or on behalf of a foreign banking
      institution, if such correspondent account or payable-through
      account involves any such jurisdiction or institution, or if any
      such transaction may be conducted through such correspondent
      account or payable-through account.

      (c) Consultations and Information To Be Considered in Finding
    Jurisdictions, Institutions, Types of Accounts, or Transactions To
    Be of Primary Money Laundering Concern. - 
        (1) In general. - In making a finding that reasonable grounds
      exist for concluding that a jurisdiction outside of the United
      States, 1 or more financial institutions operating outside of the
      United States, 1 or more classes of transactions within, or
      involving, a jurisdiction outside of the United States, or 1 or
      more types of accounts is of primary money laundering concern so
      as to authorize the Secretary of the Treasury to take 1 or more
      of the special measures described in subsection (b), the
      Secretary shall consult with the Secretary of State and the
      Attorney General.
        (2) Additional considerations. - In making a finding described
      in paragraph (1), the Secretary shall consider in addition such
      information as the Secretary determines to be relevant, including
      the following potentially relevant factors:
          (A) Jurisdictional factors. - In the case of a particular
        jurisdiction - 
            (i) evidence that organized criminal groups, international
          terrorists, or entities involved in the proliferation of
          weapons of mass destruction or missiles have transacted
          business in that jurisdiction;
            (ii) the extent to which that jurisdiction or financial
          institutions operating in that jurisdiction offer bank
          secrecy or special regulatory advantages to nonresidents or
          nondomiciliaries of that jurisdiction;
            (iii) the substance and quality of administration of the
          bank supervisory and counter-money laundering laws of that
          jurisdiction;
            (iv) the relationship between the volume of financial
          transactions occurring in that jurisdiction and the size of
          the economy of the jurisdiction;
            (v) the extent to which that jurisdiction is characterized
          as an offshore banking or secrecy haven by credible
          international organizations or multilateral expert groups;
            (vi) whether the United States has a mutual legal
          assistance treaty with that jurisdiction, and the experience
          of United States law enforcement officials and regulatory
          officials in obtaining information about transactions
          originating in or routed through or to such jurisdiction; and
            (vii) the extent to which that jurisdiction is
          characterized by high levels of official or institutional
          corruption.

          (B) Institutional factors. - In the case of a decision to
        apply 1 or more of the special measures described in subsection
        (b) only to a financial institution or institutions, or to a
        transaction or class of transactions, or to a type of account,
        or to all 3, within or involving a particular jurisdiction - 
            (i) the extent to which such financial institutions,
          transactions, or types of accounts are used to facilitate or
          promote money laundering in or through the jurisdiction,
          including any money laundering activity by organized criminal
          groups, international terrorists, or entities involved in the
          proliferation of weapons of mass destruction or missiles;
            (ii) the extent to which such institutions, transactions,
          or types of accounts are used for legitimate business
          purposes in the jurisdiction; and
            (iii) the extent to which such action is sufficient to
          ensure, with respect to transactions involving the
          jurisdiction and institutions operating in the jurisdiction,
          that the purposes of this subchapter continue to be
          fulfilled, and to guard against international money
          laundering and other financial crimes.

      (d) Notification of Special Measures Invoked by the Secretary. -
    Not later than 10 days after the date of any action taken by the
    Secretary of the Treasury under subsection (a)(1), the Secretary
    shall notify, in writing, the Committee on Financial Services of
    the House of Representatives and the Committee on Banking, Housing,
    and Urban Affairs of the Senate of any such action.
      (e) Definitions. - Notwithstanding any other provision of this
    subchapter, for purposes of this section and subsections (i) and
    (j) of section 5318, the following definitions shall apply:
        (1) Bank definitions. - The following definitions shall apply
      with respect to a bank:
          (A) Account. - The term "account" - 
            (i) means a formal banking or business relationship
          established to provide regular services, dealings, and other
          financial transactions; and
            (ii) includes a demand deposit, savings deposit, or other
          transaction or asset account and a credit account or other
          extension of credit.

          (B) Correspondent account. - The term "correspondent account"
        means an account established to receive deposits from, make
        payments on behalf of a foreign financial institution, or
        handle other financial transactions related to such
        institution.
          (C) Payable-through account. - The term "payable-through
        account" means an account, including a transaction account (as
        defined in section 19(b)(1)(C) of the Federal Reserve Act),
        opened at a depository institution by a foreign financial
        institution by means of which the foreign financial institution
        permits its customers to engage, either directly or through a
        subaccount, in banking activities usual in connection with the
        business of banking in the United States.

        (2) Definitions applicable to institutions other than banks. -
      With respect to any financial institution other than a bank, the
      Secretary shall, after consultation with the appropriate Federal
      functional regulators (as defined in section 509 of the Gramm-
      Leach-Bliley Act), define by regulation the term "account", and
      shall include within the meaning of that term, to the extent, if
      any, that the Secretary deems appropriate, arrangements similar
      to payable-through and correspondent accounts.
        (3) Regulatory definition of beneficial ownership. - The
      Secretary shall promulgate regulations defining beneficial
      ownership of an account for purposes of this section and
      subsections (i) and (j) of section 5318. Such regulations shall
      address issues related to an individual's authority to fund,
      direct, or manage the account (including, without limitation, the
      power to direct payments into or out of the account), and an
      individual's material interest in the income or corpus of the
      account, and shall ensure that the identification of individuals
      under this section or subsection (i) or (j) of section 5318 does
      not extend to any individual whose beneficial interest in the
      income or corpus of the account is immaterial.
        (4) Other terms. - The Secretary may, by regulation, further
      define the terms in paragraphs (1), (2), and (3), and define
      other terms for the purposes of this section, as the Secretary
      deems appropriate.

      (f) Classified Information. - In any judicial review of a finding
    of the existence of a primary money laundering concern, or of the
    requirement for 1 or more special measures with respect to a
    primary money laundering concern, made under this section, if the
    designation or imposition, or both, were based on classified
    information (as defined in section 1(a) of the Classified
    Information Procedures Act (18 U.S.C. App.),(!2) such information
    may be submitted by the Secretary to the reviewing court ex parte
    and in camera. This subsection does not confer or imply any right
    to judicial review of any finding made or any requirement imposed
    under this section.