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31 U.S. Code § 5364

Policies and procedures to identify and prevent restricted transactions

31 U.S. Code § 5364. Policies and procedures to identify and prevent restricted transactions

(a)Regulations.—Before the end of the 270-day period beginning on the date of the enactment of this subchapter, the Secretary and the Board of Governors of the Federal Reserve System, in consultation with the Attorney General, shall prescribe regulations (which the Secretary and the Board jointly determine to be appropriate) requiring each designated payment system, and all participants therein, to identify and block or otherwise prevent or prohibit restricted transactions through the establishment of policies and procedures reasonably designed to identify and block or otherwise prevent or prohibit the acceptance of restricted transactions in any of the following ways:
(1) The establishment of policies and procedures that—
(A)
allow the payment system and any person involved in the payment system to identify restricted transactions by means of codes in authorization messages or by other means; and
(B)
block restricted transactions identified as a result of the policies and procedures developed pursuant to subparagraph (A).
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