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.
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.
The United States exempted China and Singapore Thursday from Iran sanctions passed in December to pressure foreign central banks to suspend Iranian oil purchases.
Lawmakers in both chambers of Congress this week mulled imposing new financial and energy-related sanctions against Iran ahead of planned negotiations with Iranian officials later this month.
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.
An executive order signed Sunday to implement new banking sanctions against Iran doesnt clarify the extent to which U.S. financial institutions must peel back transactions to discover potential links to Iran.
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