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Congress Passes Iran Sanctions Requiring Audits on Foreign Correspondent Banks
By Brian Monroe
printLawmakers passed a tough new sanctions measure against Iran Thursday that would require U.S. banks to determine whether the foreign financial institutions they have correspondent relationships with bank certain Iranians. The measure-the Comprehensive Iran Sanctions, Accountability and Divestment Act-passed in the House of Representatives by a vote of 408 to eight and in the Senate by a vote of 99 to zero. Lawmakers introduced the bill in April 2009 but postponed a final vote earlier this spring to give the United Nations Security Council time to adopt an Iran sanctions resolution earlier this month. Under the measure, U.S. banks will...
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