DIFFERENT ANGLE by Kenneth Rijock
The US State Department, in talks with Greek AML regulators about their adopting America's sanctions against the local branch of Bank Saderat, was reported as having advised them that Bank Saderat has moved US$50m, via London and Beirut, into Hizballah front companies. It was also stated that Saderat transferred several millions of dollars to Hamas as well. The bank is also alleged to have funnelled cash to other terrorist organisations, including Palestinian Islamic Jihad (PIJ), and the splinter group known as the Popular Front for the Liberation of Palestine-General Command.
MLROs and compliance officers might want to keep a keen eye on Iran's private banks for signs that they are fronting for Saderat. It is suggested that large funds transfers from the following ostensibly privately-owned institutions receive enhanced due diligence, with specific attention to the possibility that these banks were merely Saderat's intermediaries:
- Sarmayeh Bank
- Saman Bank Corporation
- Eghtesad Novin Bank a/k/a EN Bank
- Pasargad Bank
- Parsian Bank
The facts and opinions stated in this article are those of the author and not those of World-Check. World-Check does not warrant the accuracy of any facts and opinions stated in this article, does not endorse them, and accepts no responsibility for them.
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