; and (2) is not blocked under any Executive order issued pursuant to the International Emergency Economic Powers Act ( 50 U.S.C. 1701 et seq.). (b) Special due diligence measures for correspondent accounts (1) In general A covered financial institution shall apply special due diligence measures to correspondent accounts of the financial institution that are reasonably designed to guard against the improper indirect use of such accounts by Iranian banking institutions. (2) Requirements The special due diligence measures a covered financial institution is required to apply to correspondent accounts under paragraph (1) shall include, at a minimum— (A) notifying the holders of such accounts that the covered financial institution knows or has reason to know provide services to Iranian banking institutions, that such holders generally may not provide Iranian banking institutions with access to such accounts; and (B) taking reasonable steps to identify any indirect use of such accounts by Iranian banking institutions, to the extent that such indirect use can be determined from transactional records maintained by the covered financial institution in the normal course of business. (3) Risk-based approach A covered financial institution shall take a risk-based approach when deciding what, if any, other due diligence measures the financial institution should adopt to guard against the improper indirect use of its correspondent accounts by Iranian banking institutions. (4) Response to indirect access by Iranian banking institutions A covered financial institution that obtains credible information that a correspondent account is being used by a foreign bank to provide indirect access to an Iranian banking institution, shall— (A) take all appropriate steps to prevent such indirect access, including notifying the holder of the account under paragraph (2)(A)