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Iran Measure Would Impose Certification Requirement for Banks
By Colby Adams
printA congressional measure aimed at Iran could spell new compliance duties for U.S. financial institutions, including requiring banks to certify that their correspondent institutions don't maintain accounts for blacklisted Iranians. The Iran Threat Reduction Act (ITRA), introduced Monday by a bipartisan group of lawmakers led by House Foreign Affairs Committee Chairman Ilena Ros-Lehtinen (R-FL) and Ranking Member Howard Berman (D-CA), would impose sanctions on top Iranian officials and mandate an annual report on the role of Iran's central bank in terrorist financing. The legislation would also obligate entities "owned or controlled by domestic financial institutions," including foreign subsidiaries, to certify...
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