31 CFR § 588.504 - Payments and transfers to blocked accounts in U.S. financial institutions.

---
identifier: "/us/cfr/t31/s588.504"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "31 CFR § 588.504 - Payments and transfers to blocked accounts in U.S. financial institutions."
title_number: 31
title_name: "Money and Finance: Treasury"
section_number: "588.504"
section_name: "Payments and transfers to blocked accounts in U.S. financial institutions."
chapter_name: "OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY"
part_number: "588"
part_name: "WESTERN BALKANS STABILIZATION REGULATIONS"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "3 U.S.C. 301; 31 U.S.C. 321(b); 50 U.S.C. 1601  1701  22 U.S.C. 287c; Pub. L. 101-410, 104 Stat. 890, as amended (28 U.S.C. 2461 note); E.O. 13219, 66 FR 34777, 3 CFR, 2001 Comp., p. 778; E.O. 13304, 68 FR 32315, 3 CFR, 2004 Comp., p. 229; E.O. 14033, 86 FR 43905, 3 CFR, 2022 Comp., p. 591."
regulatory_source: "87 FR 58996, Sept. 29, 2022, unless otherwise noted."
cfr_part: "588"
---


# 588.504 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 § 588.201 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.

*See* § 501.603 of this chapter for mandatory reporting requirements regarding financial transfers. *See also* § 588.203 concerning the obligation to hold blocked funds in interest-bearing accounts.