; (2) an applicable Executive order; or (3) an applicable United Nations Security Council resolution. (b) Sanctions described The sanctions that may be imposed with respect to a foreign financial institution subject to subsection (a) are the following: (1) Asset blocking The Secretary may block and prohibit, pursuant to the International Emergency Economic Powers Act ( 50 U.S.C. 1701 et seq.), all transactions in all property and interests in property of the foreign financial institution if such property and interests in property are in the United States, come within the United States, or are or come within the possession or control of a United States person. (2) Restrictions on correspondent and payable-through accounts The Secretary may prohibit, or impose strict conditions on, the opening or maintaining in the United States of a correspondent account or a payable-through account by the foreign financial institution. (c) Implementation; penalties (1) Implementation The President may exercise all authorities provided under sections 203 and 205 of the International Emergency Economic Powers Act ( 50 U.S.C. 1702 and 1704) to carry out this section. (2) Penalties A person that violates, attempts to violate, conspires to violate, or causes a violation of this section or any regulation, license, or order issued to carry out this section shall be subject to the penalties set forth in subsections (b) and (c) of section 206 of the International Emergency Economic Powers Act ( 50 U.S.C. 1705 ) to the same extent as a person that commits an unlawful act described in subsection (a) of that section. (d) Regulations Not later than 120 days after the date of the enactment of the Otto Warmbier Banking Restrictions Involving North Korea Act of 2019 , the President shall, as appropriate, prescribe regulations to carry out this section. (e) Definitions In this section: (1) Account; correspondent account