(1) Use of FDIs in any country or territory described in this section is prohibited:
- (a) Countries subject to sanctions by the Office of Foreign Assets Control (OFAC); and
- (b) Countries and territories on the Financial Action Task Force's (FATF) list of high risk and non-cooperative jurisdictions.
- (2) Financial Crimes Enforcement Network (FinCEN) advisories must be reviewed by the higher education institution to ensure that potential anti-money laundering and counter-terrorist financing risks associated with any country are assessed, identified, and avoided before establishing deposits in the FDI.
- (3) The FDI may not be listed on the U.S. Treasury's Specially Designated Nationals (SDN) list.
KEY: foreign deposits, higher education, public funds
Date of Last Change: June 21, 2024
Authorizing, and Implemented or Interpreted Law: 51-7-4(1)(b)(iii); 51-7-17(4)(a); 53B-7-601