SEPAM Act of 2024
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Summary
The SEPAM Act of 2024 requires the President to impose sanctions on financial institutions from designated countries of concern that use alternative payment systems (CIPS, SPFS, or SEPAM) to conduct transactions with other financial institutions in those countries. Sanctions include blocking property in the U.S., prohibiting correspondent and payable-through accounts, and making executive officers inadmissible to the U.S. The bill defines 'countries of concern' to include China, Russia, Iran, North Korea, Cuba, and Venezuela under Maduro's regime, and requires the President to report on the scope and risks of these alternative payment systems within 180 days.
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