Banking

ICICI Bank

Industry
Banking
Country
India
Sources

"ICICI Bank reportedly facilitates banking services with Iran. In 2020, CalSTRS identified and subsequently removed ICICI Bank after reviewing the company’s internal controls to prevent sanction violations."

Bank of Ireland

Industry
Banking
Country
Ireland
Sources

According to its Annual Report filed with the SEC for fiscal year 2014: "On 5 November 2014, the Group terminated its customer relationship with the Embassy of Iran in Ireland and related Embassy personnel; and closed all related accounts on that day also. These accounts were used for local expenses and were operated in accordance with applicable local law and authorisations. For the period covered by this report, the Group had €386 (three hundred and eighty six euro) in gross revenues for all Iranian bank-related activity described in this section, which includes fees and / or commissions. The Group does not allocate direct costs to fees and commissions and therefore has not disclosed a separate profits measure."

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According to its Annual Report filed with the SEC in 2013: "The Group holds certain accounts for the Embassy of Iran in Ireland, and certain Embassy personnel, and process payments into and out of those accounts related to official Embassy business, scholarship payments to Iranian students in Ireland and the personal expenses of Embassy personnel. These accounts are used for local expenses and are operated in accordance with applicable local law and authorisations. For the period covered by this report, the Group had €1,021 in gross revenues for all Iranian bank-related activity described in this section, which includes fees and/or commissions. The Group does not allocate direct costs to fees and commissions and therefore has not disclosed a separate profits measure. The Group intends to maintain these accounts, in accordance with applicable local law and authorisations."

Capital One Financial Corp

Industry
Banking
States
MD
Country
USA
Sources

According to its quarterly report filed with the SEC in 2016: "During the period covered by this report, we learned from the credit card network that processed these transactions that, between November 2013 and June 2015, COBNA authorized three credit card transactions with Iran Air, which was designated pursuant to Executive Order 13382, for three customers in France, Austria and Malaysia totaling $1,460.22. COBNA had negligible gross revenues and net profits attributable to these transactions. We believe that these transactions were not prohibited under applicable U.S. law. Iran Air is no longer designated pursuant to Order 13382 as of January 16, 2016 and we are not required to provide this disclosure regarding transactions with Iran Air after such date; however, we may in the future engage in similar transactions for our credit card customers to the extent permitted by U.S. law."

Bank of Nova Scotia (Scotiabank)

Industry
Banking
Country
Canada
Sources

According to its Annual Report filed with the SEC for fiscal year 2017: "During the year ended October 31, 2017, the Bank received certain incoming and outgoing wire transfer messages on behalf of or for credit to customers of the Bank that, after review and investigation, appear to have involved a party in Iran or related to an underlying transaction with a party in Iran. In one case, the Bank identified that the receiving financial institution was an Iranian state-owned entity. The Bank rejected this Euro payment. In another case, the Bank’s investigation identified that an outgoing Euro payment to a private company in Iran related to work performed by that party at a facility affiliated with the Government of Iran. In addition, during the year ended October 31, 2017, the Bank processed a number of USD bank drafts drawn on a U.S. financial institution and issued to Bank customers payable to the Iranian Interest Section of the Pakistan Embassy, located in Washington, D.C., for official business of the Iranian Interests Section, including payment of Iranian passport fees and visas. The Bank believes that its activity in connection with these wire transfers and bank drafts did not violate any applicable sanctions. As the wire transfers involved interests of the Government of Iran or parties affiliated with the Government of Iran, the Bank is including disclosure in this report because it potentially could be required to be disclosed under Section 13(r).

In addition, in February 2017, the Bank processed an incoming US dollar wire transfer for one of its customers in Canada that originated from a bank in the UAE. After review, the Bank discovered that the wire transfer represented payment for oil and gas services equipment on behalf of a private company based in Iran that is not named on an OFAC sanctions list. The Bank believes that its activity in processing the incoming payment is not required to be disclosed under Section 13(r), but the Bank is providing disclosure because the underlying transaction appears to have related to Iran’s oil and gas sector and thus potentially could be an activity described in subsection (a) or (b) of Section 5 of the Iran Sanctions Act of 1996 that would be required to be disclosed under Section 13(r) for any person who knowingly engages in such activity.

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According to its Annual Report filed with the SEC for fiscal year 2016: "In February 2016, the Bank processed an incoming Canadian dollar wire transfer for one of its customers in Canada that originated from a bank in Kuwait. The Bank has learned that the wire transfer represented payment from a private company based in Iran that is not named on the OFAC sanctions lists, for oil and gas exploration and extraction equipment that the customer supplied to that entity. After review of the underlying transaction, the Bank has no reason to believe that the wire transfer or the transaction violated any applicable sanctions. Although the Bank believes that its activity in processing the incoming payment is not required to be disclosed under Section 13(r), the underlying transaction, which involved the supply of oil and gas exploration and extraction equipment, potentially could be required to be disclosed under Section 13(r); accordingly, the Bank is including disclosure of this activity in this report. This customer’s banking accounts were closed in August 2016It is not possible to accurately determine the precise net profit attributable to such wire transfer, and even if revenues and profits from these were calculated, they would be negligible."

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According to its Annual Report filed with the SEC for fiscal year 2015: "The Bank held one Canadian dollar account for the Embassy of Iran in Canada. This account, used for the purpose of official embassy business, has been frozen since 2013 and was closed on June 1, 2015. In addition, the Bank issued a bank draft payable to the “Interest Section of the Islamic Republic of Iran” (the “Iran Section”) for a visa fee. The Iran Section is part of the Pakistani Embassy in Washington, D.C. The Bank has complied with all applicable laws in connection with this account and bank draft."

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According to its Annual Report filed with the SEC for fiscal year 2014: "The Bank holds one Canadian dollar account for the Embassy of Iran in Canada. This account, used for the purpose of official embassy business, has been frozen since 2013. A second Canadian dollar account for the Embassy of Iran, used to fund scholarship payments to Iranian students studying in North America, was the subject of a court order requiring the Bank to pay the balance to the judgment creditor as a result of a requirement from the Sherriff’s Office (civil restitution office). This was done in April 2014 and the account was then closed. The Bank has complied with and will continue to comply with all applicable laws in relation to these accounts."

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According to its Annual Report filed with the SEC for fiscal year 2013: "The Bank holds two Canadian dollar accounts for the Embassy of Iran in Canada. These are for the purpose of official embassy business, including scholarship payments to Iranian students studying in North America. These accounts have been frozen since 2013. The Bank has complied with and will continue to comply with all applicable laws in relation to these accounts.

The Bank holds a Canadian dollar deposit account for a business that received a wire transfer from an entity that is owned or controlled by a person designated on the SDN List with respect to sanctions pertaining to Iran. The wire transfer funds were received and frozen in 2007. The freeze on these funds was released in October 2013 as a result of the issuance of a certificate by Canada’s Minister of Foreign Affairs pursuant to Section 19 of Canada’s Regulations Implementing the United Nations Resolutions on Iran. The Bank has complied with and will continue to comply with all applicable laws in relation to this account."

Mega International Commercial Bank

Industry
Banking
Country
Taiwan
Sources

Taiwan’s Mega International Commercial Bank will immediately terminate its payment clearing mechanism between Taiwan and Iran in a response to the United States’ sanctions on Iran, a senior bank official told Reuters on Monday. (Reuters, "Taiwan's Mega Int'l Commercial bank to end Taiwan-Iran clearing mechanism," 10/21/2018). 

 

Metro Bank

Industry
Banking
Country
UK
Sources

"Embattled lender Metro Bank has been hit with a fresh lawsuit by a group of Iranian customers who say their accounts were unfairly suspended without notice or explanation. The group of 17 claimants, who are expected to seek at least £1.5m in damages, include dual British-Iranian citizens, Iranian citizens living in the UK and several UK-based businesses including an engineering firm and a consultancy. Law firm Ronald Fletcher Baker said its clients were blocked from accessing their accounts and cash between May and September 2019 without notice and without explanation. It first contacted Metro about the issue in July and served the bank with legal papers last week." (The Guardian, "Metro Bank hit with fresh lawsuit by Iranian customers," 3/17/2020). 

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"METRO Bank is undergoing a major review of its compliance controls after handling money from Cuba and Iran in breach of strict US and EU sanctions.

The review is being handled by a top level team of investigators at law firm DLA Piper, which was hired after the Iranian funds were received by the bank last year. 

Metro notified US officials of the Cuba offence in November 2017.

It is the latest in a series of problems for the bank which spent much of last year reeling from the impact of a major error in the way it accounted for its property loans." (Evening Standard, "Metro Bank in probe over Iran and Cuba sanctions breaches," 2/4/2020).

Association of Belarusian Banks

Industry
Banking
Country
Belarus
Response

"The CJSC “Trade Capital Bank” was established and acting in accordance with the national laws of the Republic of Belarus, is member of the Association of Belarusian Banks and therefore, is a lawful legal entity. With this regard, no expulsion of the mentioned Bank from the Association is currently possible." (March 22, 2019)

German Savings Banks Associations (DSGV)

Industry
Banking
Country
Germany
Sources

The cooperation agreement was signed between Iranian Ministry of Cooperatives, Labor and social welfare and German Savings Banks Association (DSGV) in a bid to help develop and expand financing of micro, small and medium-sized enterprises of Iran and to strengthen friendly relations and bolster bilateral ties and exchange positive experiences in the same field. (Mehr News, "Tehran, Berlin agree to fund small, medium-sized enterprises," 4/11/2017).

Volksbank

Industry
Banking
Country
Germany
Sources

"The US embassy in Berlin announced that a slated pro-Iranian regime business conference on Thursday in Berlin will fund terrorism. The event includes members of the German government and Klaus Ernst, a MP from the largely anti-Israel Left Party in the Bundestag. "Thursday’s conference by the Maleki Corporate Group to promote trade with the Iranian regime is a dangerous move that will fund terrorism and undermine US sanctions, " the embassy tweeted on Tuesday...The Maleki Corporate Group GmbH is holding their 8th Banking and Business Forum Iran Europe on September 19 and 20 at the Maritim Hotel in Berlin.The Frankfurt-based Volksbank is listed as the financial institution that receives registration fees for the conference. The conference costs 1,400 Euro for two days. It is unclear if the city of Frankfurt will ban business with the bank because of its ties to a pro-Iranian regime event. The City of Frankfurt outlaws business with banks that conduct transactions with the Boycott, Divestement and Sanctions (BDS) campaign targeting Israel. Iran's mullah regime supports BDS. When asked about the criticism of the Hotel hosting Iranian regime representatives, Harriet Eversmeyer, Director of Public Relations for the Maritim Hotel, told the Post that: 'As a leading provider of conference and congress capacities in Germany, there are more than 30 Maritim hotels throughout Germany, in which large events of companies, associations, lobbyists, parties take place. As an owner-managed private enterprise, however, it is not our task to evaluate the content of these events or exclude customers from our hotel offer.'" (Jerusalem Post, "US Embassy Says Pro-Iran Business Event Funds Terrorism In Berlin," 9/17/2019).