All tagged banking

Standard Chartered Reaches $1.1 bn US Settlement on Iran Sanctions

◢ Standard Chartered will pay USD 1.1 billion to settle charges it processed transactions that violated US sanctions on Iran and other prohibited countries, US regulators announced Tuesday. The penalty covers some USD 600 million in US transactions from 2008 to 2014 that originated at Standard Chartered's London and Dubai offices.

Iran Approves Anti-Money Laundering Bill

◢ An Iranian arbitration body gave its approval on Saturday to an anti-money laundering bill seen as crucial to maintaining international trade and banking ties, the official IRNA news agency reported. "The bill on amending the law to counter money laundering was approved with certain changes and will be sent to the parliament speaker to be communicated to the government," Expediency Council member Gholamreza Mesbahi-Moghadam told IRNA.

Societe Generale Fined $1.3 Bn for US Sanctions Violations

◢ US officials fined Societe Generale USD 1.3 billion after charging the French bank with violating US sanctions on Cuba, Iran and other countries in a criminal settlement unveiled Monday. The financial penalty is the second largest ever on a financial institution for violating US sanctions.

Europeans Want Iran Bank Connected to World: French Senator

◢ European nations are seeking to ensure at least one Iranian bank stays connected to the world after the US imposed new sanctions against the country, a French senator said in Tehran on Sunday. The United States pulled out of a landmark 2015 nuclear deal with Iran in May and has been reimposing punishing sanctions on the Islamic republic, targeting in particular its financial system.

Iran Parliament Passes Counter-Terror Finance Bill

◢ Iran's parliament on Sunday approved a bill to counter terrorist financing that was strongly opposed by conservatives but seen as vital to salvaging the nuclear deal with European and Asian partners. The bill, one of four put forward by the government to meet demands set by the international Financial Action Task Force (FATF), was passed by 143 votes to 120.

Turkey Detains Over 200 for 'Illicit Money Transfers' to US

◢ Turkish police detained Tuesday over 200 people in a major nationwide crackdown on illicit money transfers to individuals of Iranian-origin living in the United States. An Istanbul court issued arrest warrants for a total of 417 suspects and have so far rounded up 216 in a nationwide operation carried out in 40 cities, the official Anadolu news agency reported.

Pompeo 'Disturbed' by EU Payment Plan for Iran Business

◢ US Secretary of State Mike Pompeo denounced Tuesday a European Union plan to set up a way to preserve business with Iran and avoid renewed American sanctions. Addressing the United Against a Nuclear Iran pressure group being held near the annual UN General Assembly, Pompeo said he was "disturbed and indeed deeply disappointed" by Monday's announcement from remaining members of an international nuclear deal.

EU Announces Legal Entity to Maintain Business With Iran

◢ The European Union said Monday its members would set up a payment system to allow oil companies and businesses to continue trading with Iran in a bid to evade sanctions after the US withdrew from a nuclear agreement. Iran and the European Union announced their defiance towards US President Donald Trump's administration after high-level talks at the United Nations among the remaining members of the accord.

EU Nations Mull Clearing House to Avoid Iran Sanctions: Reports

◢ Germany, France and Britain are mulling setting up a new financial institution to allow EU trade with Iran to continue despite American sanctions renewed by US President Donald Trump,  German media reported Friday. The three countries could set up a "Special Purpose Vehicle" (SPV)—a firm resembling a clearing house that would cut Tehran out of the financial loop while still allowing trade, news weekly Der Spiegel and business daily Handelsblatt reported.

French Cattle Farmers' Iran Dreams on Hold as US Sanctions Bite

◢ Multinational companies aren't the only victims of new US sanctions against Tehran: farmers and ranchers in the Normandy region of France hoping to supply Iran with thousands of cattle each year have also seen their path to a huge new market blocked. The deal with one of Iran's biggest meat processing groups was signed in 2016 after Iran agreed with world powers to curtail its nuclear program in exchange for sanctions relief. The goal was to supply mainly prized Charolais stock to help "rebuild a high-quality cattle industry" in the Middle East, Nathalie Goulet, a senator from Normandy, told AFP this week.

Turkey in US Talks to Avoid 'Negative Impact' From Iran Sanctions

◢ Turkey on Friday hosted an American delegation for talks to address concerns about the potential negative impact on its economy of the looming reimposition of US sanctions against Iran. US President Donald Trump decided in May to abandon the 2015 deal agreed with other world powers on Iran's nuclear program and reimpose nuclear-related sanctions against the Islamic Republic.

Most French Firms 'Won't Be Able to Stay' in Iran: Minister

◢ Most French companies hoping to keep doing business in Iran after the US imposes new sanctions on the country will find it impossible to do so, Finance Minister Bruno Le Maire said Tuesday. These companies "won't be able to stay because they need to be paid for the products they deliver to or build in Iran, and they cannot be paid because there is no sovereign and autonomous European financial institution" capable of shielding them," Le Maire told BFM television.

Iran Bans Banks From Using Cryptocurrencies

◢ Iran banned the use of bitcoin and other cryptocurrencies by banks and financial institutions on Monday amid ongoing debate over how best to regulate the technology. Many in Iran see great potential in digital currencies as a way to overcome problems related to international sanctions and difficulties facing the country's ailing banks.