SEPAM Act of 2024

The SEPAM Act of 2024 imposes U.S. sanctions on financial institutions in designated "countries of concern" (including Russia, China, Iran, and North Korea) that use specific alternative payment systems - CIPS, SPFS, or SEPAM - to conduct transactions with other covered institutions. Key provisions block U.S. property of these institutions, prohibit U.S. correspondent accounts for them, and ban executive officers (as aliens) from entering the U.S. via visa restrictions or revocation of existing visas. The bill requires the President to report on global usage of these payment systems and their national security risks within 180 days. It explicitly excludes intelligence activities and UN-related visa needs from the sanctions.