Web Site Identifying Foreign Banks as Iranian Correspondents Likely to Raise Compliance Questions

By Brian Monroe

A Web site that purports to list the foreign correspondent relationships of many of Iran's financial institutions could cause U.S. institutions to rethink their ties to well-known international banks. The site for the Export Guarantee Fund of Iran - a state-owned export credit insurance company - lists hundreds of international banks with ties to 10 Iranian financial institutions subject to U.S. economic sanctions. Under a measure signed into law July 1, U.S. banks must audit their correspondent financial institutions to be sure they have no relationship with blacklisted Iranians. The European banks listed on the site are household names, both...