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Foreign financial institutions and other non-U.S. companies newly tasked with disclosing when their affiliates deal with Iranian government officials are finding the requirements onerous, according to compliance officers and consultants.
The U.S. Treasury Department's sanctions enforcement arm has been increasingly looking at the compliance programs of banks that confuse transactional rejection and blocking orders, an official said Thursday.
American sanctions enforcers will "primarily" focus in coming months on blacklisting Chinese firms that buy and resell defense industry or dual-use goods to Iran, a U.S. Justice Department official said Wednesday.
The U.S. Treasury Department has accelerated efforts to remove qualified individuals and entities from its list of Specially Designated Nationals, according to the list's chief administrator.
The U.S. House of Representatives Wednesday overwhelmingly approved bills that would restrict loans and interbank transfers of credit involving entities that facilitate Iran's petroleum and weapons trade.
An alleged plot by Iranian officials to assassinate Saudi Arabia's U.S. ambassador raised questions Thursday about whether Congress needs to strengthen a sanctions law and blacklist Iran's central bank.
The U.S. Treasury Department finalized regulations Wednesday requiring banks to ask their correspondent financial institutions about accounts tied to Iran when requested to do so by U.S. officials.
European banks are asking the U.S. Treasury Department to amend proposed regulations that would require them to conduct three-month look-backs within 30 days of a request by American officials.
