Wells Fargo Bank has agreed a US$30 million settlement with the US treasury department’s Office of Foreign Assets Control (OFAC) in respect of its potential civil liability for apparent violations of sanctions against Iran, Syria, and Sudan. For about seven… Read More ›
Financial institutions in Singapore have been advised by the country’s regulator that they should continue to refer to the Financial Action Task Force (FATF) statement of February 2020 in respect of the Democratic People’s Republic of Korea (DPRK) and Iran… Read More ›
Russia’s Agency for Export Credit and Investment Insurance (EXIAR) has signed an agreement with the Export Guarantee Fund of Iran (EGFI) to provide export insurance for sellers in both countries. Export insurance provides an alternative to letters of credit (L/Cs)… Read More ›
Bahrain is to prosecute Iran’s most prominent financial institutions on charges related to money laundering of US$1.3 billion via the now defunct Bahrain-based Future Bank. This is the largest such case in the Gulf state’s history. Prosecutors say Future Bank… Read More ›
Chinese and Russian banks are increasingly shying away from doing business with Iran after the Islamic Republic failed to enact anti-money laundering and counter-financing of terrorism (AML/CFT) legislation demanded by the Financial Action Task Force (FATF) according to an Iranian… Read More ›
Halkbank, the large Turkish state-owned bank that has been accused in the US of substantial sanctions violations, has pleaded not guilty at a Manhattan court to criminal charges that it helped Iranian entities illicitly transfer tens of billions of dollars… Read More ›
Leader of the Islamic Republic of Iran, Ayatollah Seyyed Ali Khamenei, has agreed to a request by the head of Iran’s judiciary to set up special courts to swiftly deal with financial crimes in gold coin trades and foreign exchange dealings. In a letter… Read More ›