U.N. Sanctions Against Iran Could Put U.S. Banks, Correspondents at Odds

By Brian Monroe

More U.S. banks may cut ties with foreign correspondents they suspect are doing business with Iran after the United Nations on Saturday adopted economic sanctions against the Middle Eastern nation. The U.N. Security Council voted 15-0 to forbid states from helping Iran build nuclear weapons and to freeze the assets of those who do after Iran refused to abandon its nuclear enrichment program. Those sanctions put more pressure on U.S. banks to conduct greater due diligence on correspondent accounts to determine if they are linked to Iran or businesses and individuals mentioned in the U.N. resolution. That will likely continue...