FROM A
DIFFERENT ANGLE by Kenneth Rijock
DIFFERENT ANGLE by Kenneth Rijock
Financial Crime Consultant, for World-Check
Alert on formation of new Iranian investment banks
11 February 2008
Iran has advised that it is forming three investment banks as a device to evade the comprehensive US restrictions upon its financial structure. The problem is that these new non-bank financial institutions will be affiliated with Iran's sanctioned banks, creating an OFAC issue when dealing with the investment banks. Will the new investment banks front for the OFAC-sanctioned Iranian banks? Do you want to find out the hard way?
Compliance officers and Money Laundering reporting Officers should immediately acquaint their staffs with the names released by the Iranian Ministry of Finance, for any agency or institution presenting with a name or identity that includes one of these names should immediately be subject to enhanced due diligence, lest you accept business that carries with it a possible OFAC fine or sanction
Note well that, since these investment banks have, as a part of their objective, avoidance of US sanctions, expect to see these names in transactions routed through Dubai, or another of the United Arab Emirates.
- Amin
- Novin
- Pasargad
Note well that, since these investment banks have, as a part of their objective, avoidance of US sanctions, expect to see these names in transactions routed through Dubai, or another of the United Arab Emirates.
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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