The nuclear accord reached last year between five Western nations and Iran has done more than stir hopes and fears about the Islamic republic's return to global markets. For U.S. sanctions experts, the deal has also created a mountain of work, according to a former Treasury Department official.
Financial institutions in Iran have recently sought guidance from anti-money laundering consultants and attorneys in the United States amid a broader push by the Islamic Republic to reengage with the global banking system.
Several financial institutions in the European Union and Asia are "ring-fencing" their American employees and taking other preliminary steps to reengage with Iran months after economic sanctions were eased under a global nuclear accord.
Iran's recent steps to bolster its controls against money laundering and terrorist financing have resulted in few returns from wary global financial institutions, the country's top banking regulator said Friday.
U.K. banks are engaging in discussions with institutions in Iran in conjunction with the British government's efforts to renew trade with the country, according to a government official.
Iran's historic reentry into global markets Saturday came with expected fanfare and protest, and few surprises. Least surprising of all, the implementation of the sanctions accord means that the toughest work for banks could lie ahead.
print