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Approved by OFAC, Some Wires from Iran Never Make it to the U.S.
By Colby Adams
printU.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...
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