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Lawmakers Push for Quicker Enactment of Iran Due Diligence Rules
By Colby Adams
printUPDATE AND CORRECTION APPENDED: The U.S. Treasury Department would have 90 days to issue regulations obligating banks to audit their correspondent relationships for possible ties to blacklisted Iranians, under a bipartisan bill reintroduced Wednesday. The Iran Transparency and Accountability Act (ITAA), introduced by a group of four lawmakers led by Sens. Kirsten Gillibrand (D-NY) and Mark Kirk (R-IL), would require the department to ensure that U.S. banks show in audits, or otherwise certify, that the foreign financial institutions they have correspondent accounts with aren't used to circumvent Iran sanctions. The timeline would be the first for certain regulations mandated by...
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