((a)) ** Report required** Not earlier than 30 days and not later than 60 days after the Secretary of State submits to the appropriate congressional committees a report required by , the Secretary of the Treasury, in consultation with the Secretary of State, shall submit to the appropriate congressional committees a report that identifies any foreign financial institution that knowingly conducts a significant transaction with a foreign person identified in the report submitted under on or after the date on which the foreign person is identified in that report.section 8563(a) of this titlesection 8563(a) of this title
((b)) ** Imposition of sanctions** The Secretary of the Treasury may prohibit the opening, or prohibit or impose strict conditions on the maintaining, in the United States of a correspondent account or a payable-through account by a foreign financial institution identified under subsection (a).