§597.404. Setoffs prohibited.
31 C.F.R. § 597.404
A setoff against blocked funds (including a blocked account) by a U.S. financial institution is a prohibited transaction under § 597.201 if effected after the effective date.
Notes, amendments, and revision history
Authority
Authority: 8 U.S.C. 1189; 18 U.S.C. 2339B; 31 U.S.C. 321(b); Pub. L. 101-410, 104 Stat. 890, as amended (28 U.S.C. 2461 note).
Source
Source: 62 FR 52495, Oct. 8, 1997, unless otherwise noted.