Imposition of sanctions with respect to financial institutions that facilitate transactions supporting terrorism

(a) In general Not later than 90 days after the date of the enactment of this Act, and on an ongoing basis thereafter, the President shall impose the sanctions described in subsection (c) with respect to each foreign financial institution that engages in the activities described in subsection (b). (b) Activities described A foreign financial institution engages in an activity described in this subsection if the institution— (1) processes, participates in, facilitates, or provides a transaction that are payments, salaries, or benefits, or any other conduct described in section 4(a); or (2) knowingly conducted or facilitated any significant financial transaction with any foreign person subject to sanctions under section 4(a). (c) Sanctions described The President shall prohibit the opening, and prohibit or impose strict conditions on the maintaining, in the United States of a correspondent account or a payable-through account by a foreign financial institution described in subsection (a). (d) Definitions In this section: (1) Correspondent account; payable-through account The terms correspondent account and payable-through account have the meanings given those terms in section 5318A of title 31, United States Code. (2) Foreign financial institution The term foreign financial institution has the meaning of that term as determined by the Secretary of the Treasury pursuant to section 104(i) of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (22 U.S.C. 8513(i)).