Not later than 90 days after August 10, 2012, the Secretary of the Treasury shall revise the regulations prescribed under section 8513(c)(1) of this title to apply to a foreign financial institution described in subsection (b) to the same extent and in the same manner as those regulations apply to a foreign financial institution that the Secretary of the Treasury finds knowingly engages in an activity described in section 8513(c)(2) of this title.
22 U.S. Code § 8513b - Expansion of, and reports on, mandatory sanctions with respect to financial institutions that engage in certain activities
(a) In general
(b) Foreign financial institutions describedA foreign financial institution described in this subsection is a foreign financial institution, including an Iranian financial institution, that the Secretary of the Treasury finds—
(c) Reports required
(1) In generalNot later than 180 days after August 10, 2012, and every 180 days thereafter, the Secretary of the Treasury shall submit to the appropriate congressional committees a report that contains a detailed description of—
the effect of the regulations prescribed under section 8513(c)(1) of this title on the financial system and economy of Iran and capital flows to and from Iran; and
the ways in which funds move into and out of financial institutions described in section 8513(c)(2)(E)(ii) of this title, with specific attention to the use of other Iranian financial institutions and other foreign financial institutions to receive and transfer funds for financial institutions described in that section.
(d) DefinitionsIn this section:
(1) Financial institution
(2) Foreign financial institution
(3) Iranian financial institutionThe term “Iranian financial institution” means—
a financial institution organized under the laws of Iran or any jurisdiction within Iran, including a foreign branch of such an institution;
a financial institution located in Iran;
a financial institution, wherever located, owned or controlled by the Government of Iran; and