Correspondents of Top U.S. Banks Maintain Ties with Blacklisted Iranian Banks, Consultancy Says

By Brian Monroe

More than 100 large U.S. banks have correspondent relations with foreign financial institutions actively doing business with blacklisted Iranian banks, according to a London-based consulting firm. The U.S. banks include "household names" headquartered in California, Delaware, Illinois, Massachusetts and New York and elsewhere, according to an analysis by World-Check. The consultancy utilized foreign-based researchers to examine court documents, journal, licensing records, Web sites and regulatory actions issued between 2001 and 2010 in 62 languages, said Kenneth Rijock, a financial crime consultant with the company. If proven true, the allegations could put the U.S. banks in conflict with the latest round...