U.S. and European banks are rejecting millions of dollars of legitimate remittances originating from Iran and intended for Iranians and Iranian-Americans in the United States, even when federal authorities approve the transactions. At times, American compliance officials have been so nervous about accepting the legal wires that they have rejected them even after reviewing approval letters from the U.S. Treasury Department's Office of Foreign Assets Control (OFAC), the nation's sanctions regulator, said Erich Ferrari, an attorney who has advised several clients with this problem. The issue has prompted Iranians residing in the United States to move funds through a number...
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. 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.