Circular of the Central Bank of the Islamic Republic of Iran on International Banking

Circular of the Central Bank of the Islamic Republic of Iran on International Banking

Circular of the Central Bank of the Islamic Republic of Iran Regarding international banking transactions, the Central Bank of the Islamic Republic of Iran has announced the following in a circular addressed to the CEOs of all banks and credit institutions:

Considering the questions and ambiguities raised by some banks and credit institutions in connection with the published news regarding the amendment of the instructions and procedures related to the lifting of sanctions against Iran based on the Comprehensive Joint Action Plan (JCAP) and emphasizing that from the perspective of the Islamic Republic Iran, all sanctions imposed on the country are oppressive, illegal and illegitimate, and the implementation of sanctions inside the country and by Iranian individuals and institutions, at any level and by any person is not acceptable, the following, to explain financial and banking obligations The countries of the P5 + 1 group are announced in the UN Security Council and the regulations governing it and will follow up on the implementation of those commitments. As you are aware, one of the commitments of the P5 + 1 member states in the UN Security Council is to update the rules and instructions of the sanctions that have previously been issued against Iran and to clarify the lifting of all nuclear sanctions against the Islamic Republic of Iran. In addition, these countries are obliged to inform about the lifting of sanctions and to remove any ambiguity in this regard. Given that some of the ambiguities raised by foreign banks and companies in relation to the lifting of sanctions have been considered and answered in the procedures and instructions issued for the lifting of sanctions, it is appropriate to interact with foreign banks and economic enterprises. , Consider the following points: ‌

The opening and maintenance of dollar accounts and the provision of services in US dollars by non-US banks are permitted for Iranians, including those whose nuclear sanctions have been lifted, and the provision of such services, as long as they enter US banks and use the US financial system. Otherwise, it does not guarantee the risk of sanctions against these banks. Hence, non-US banks can not cite the existence of US sanctions against Iran as a pretext for not providing dollar services to Iranian individuals and entities.
Non-US banks and financial institutions can have financial and economic relations with all Iranian individuals and entities removed from the US sanctions list, and US banks will not be obliged to sever their brokerage relations with these non-US banks and financial institutions due to these relations. شد. Therefore, establishing and maintaining relations with Iranian banks will not pose a risk to non-US banks for severing ties with the US financial system.
Subsidiaries of American companies outside the United States can have financial and economic relations with Iranian individuals and institutions, according to Borjam. In this regard, changing the procedures and policies of these companies in order to enable interaction with Iranian individuals and institutions, is allowed and will not be subject to sanctions.
No non-US person or entity is required to refuse to engage with Iranian companies under sanctions because of the ownership of part of the shares of Iranian companies by individuals and entities subject to US non-nuclear sanctions or the control of Iranian companies by such individuals. In this regard, foreign banks and companies should not cite the existence of such ownership or controlling relations as an excuse or excuse for not establishing relations with Iranian companies, and it is necessary for Iranian banks to contradict such claims with the obligations of the P5 + 1 member states. Explicitly emphasize. 5. In cases where foreign persons and entities have identified their Iranian customers in accordance with the usual business practices, other foreign persons who indirectly provide services to Iranian persons do not need to re-identify those customers and the procedures referred to as KYCCs or customer identification are not based on sanctions. Based on the above, it is necessary in all interactions with parties
The foreigner should emphasize on the full implementation of the obligations of the other parties without compromising and the fulfillment of all those obligations should be seriously pursued.

Source: Mehr News