22 U.S.C. § 8513b — Expansion of, and reports on, mandatory sanctions with respect to financial institutions that engage in certain activities

(a) In general: Within 90 days of August 10, 2012, the Treasury Secretary must revise the regulations issued under section 8513(c)(1) so they apply to the foreign financial institutions described in subsection (b) the same way — and to the same extent — that they apply to a foreign bank the Secretary finds knowingly engaged in the sanctioned activities described in section 8513(c)(2). (b) Foreign financial institutions described: This covers a foreign bank — including an Iranian bank — that the Secretary finds (1) knowingly facilitates, participates in, or helps with a sanctioned activity under section 8513(c)(2), including by acting on someone's behalf, at their direction, as a go-between, or by otherwise assisting them; (2) attempts or conspires to do so; or (3) is owned or controlled by a foreign bank the Secretary finds knowingly does so. (c) Reports required: Starting 180 days after August 10, 2012, and every 180 days after that, the Treasury Secretary must send the relevant congressional committees a detailed report on (1) how the regulations under section 8513(c)(1) are affecting Iran's financial system, economy, and capital flows, and (2) how money moves in and out of the financial institutions covered by section 8513(c)(2)(E)(ii) — paying special attention to how other Iranian and foreign banks are used to receive and transfer that money. Each report is submitted unclassified but may include a classified annex. (d) Definitions: "Financial institution" means one of the listed categories in section 5312(a)(2) of title 31. "Foreign financial institution" is defined the way the Treasury Secretary defines it under section 8513(i). "Iranian financial institution" means a bank organized under Iranian law (including a foreign branch of one), a bank located in Iran, a bank anywhere that Iran's government owns or controls, or a bank anywhere owned or controlled by any of those.