Prohibition on transfers of funds involving the People's Republic of China

(a) In general Except as provided by subsection (b), not later than 3 days after a covered determination is made, a depository institution (as defined in section 19(b)(1)(A) of the Federal Reserve Act (12 U.S.C. 461(b)(1)(A))) or a broker or dealer in securities registered with the Securities and Exchange Commission under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) may not process transfers of funds— (1) to or from the People's Republic of China; or (2) for the direct or indirect benefit of officials of the Government of the People's Republic of China or members of the Chinese Communist Party. (b) Exception A depository institution, broker, or dealer described in subsection (a) may process a transfer described in that subsection if the transfer— (1) arises from, and is ordinarily incident and necessary to give effect to, an underlying transaction that is authorized by a specific or general license; and (2) does not involve debiting or crediting a Chinese account.