The United States exempted seven nations Monday from sanctions against Iran signed into law in December after the jurisdictions curbed their purchases of oil from the Persian country. The decision exempts India, Malaysia, South Africa, South Korea, Sri Lanka, Turkey and Taiwan from U.S. sanctions that would have potentially barred American financial institutions from maintaining correspondent accounts with the banks in those countries that transact with blacklisted Iranian institutions. The United States won't apply the sanctions for a "potentially renewable period of 180 days," according to a statement by U.S. Secretary of State Hilary Clinton. The announcement follows a March...
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.
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.