U.S. Set to Sanction Two Foreign Banks for Violating Iranian Sanctions: Sources

By Brian Monroe

The United States will sanction Turkish and Venezuelan banks as early as next week for knowingly processing transactions tied to designated Iranian entities, according to individuals familiar with the matter. The U.S. government believes the two banks violated provisions of the Comprehensive Iran Sanctions, Accountability and Divestment Act of 2010 (CISADA), signed into law in July, which placed new restrictions on transactions relating to Iran's oil sector as well as how American banks must report the Iran ties of their foreign counterparts. The designations will be against a large bank in Turkey that maintains correspondent relationships with blacklisted Iranian banks...