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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 government of Iran and banks under its influence are increasingly using investments in foreign financial institutions as a means to circumvent sanctions, including restrictions on interbank messages, say sources.
After a busy year for federal sanctions officials, large banks with international footprints are increasingly instituting deeper, standalone audits of their related policies and procedures, say compliance officers and consultants.
U.S. lawmakers will likely move to strengthen restrictions on correspondent accounts in the reconciled version of an Iran sanctions bill expected to pass the Senate by June, say congressional sources.
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 Senate's banking committee Thursday approved sanctions aimed at Iranian officials, including provisions asking the world's largest interbank messaging consortium to shut out Iran's central bank.
The authors of a U.S. embargo against Iran's central bank and petroleum industry called on the White House Thursday to be strict with foreign financial institutions under the law's statutes.
U.S. and foreign banks are awaiting official guidance on how to adhere to a new American sanctions law against the Central Bank of Iran before implementing its screening procedures.
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.
The U.K.'s latest economic sanctions against Iran will likely cost banks proceeds from dropped trade finance deals in addition to new compliance expenses, according to attorneys and officials at British financial institutions.
The Obama Administration Thursday voiced opposition to a Senate plan to bar any foreign bank that knowingly conducts transactions with the Central Bank of Iran from the U.S. financial system.
The U.S. Treasury Department will designate Iran a "primary money laundering concern" on Monday, according to published reports.
The U.S. Treasury Department Monday proposed designating Iran as a "primary money laundering concern" and requiring banks to end correspondent relationships with foreign institutions that transact for Iranians.
Proposed amendments to an Iran sanctions law that would require U.S. banks to certify whether their foreign counterparts do business with blacklisted Iranians would be a "huge" compliance burden if implemented, say top officials at the nation's largest financial trade group.
A congressional committee Wednesday approved an amended measure that would sanction the Central Bank of Iran and require U.S. financial institutions to certify that their foreign counterparts have no ties to blacklisted Iranians.
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.
The U.S. Treasury Department finalized regulations Wednesday requiring banks to ask their correspondent financial institutions about accounts tied to Iran when requested to do so by U.S. officials.
