European companies may be lining up at the gate to do business with Iran in the event of a sanctions rollback but don't expect the continent's banks to go rushing in anytime soon.
The House Committee on Foreign Affairs Thursday unanimously approved a measure that would penalize foreign banks that offer financial services to Hezbollah, an Iran-backed, Lebanon-based Shiite militant group.
U.S. officials Tuesday charged a blacklisted Chinese national with using shell companies to maintain accounts at American banks and offered five million dollars for information on his whereabouts.
The financial clearing subsidiary of Deutsche Börse AG will pay the U.S. Treasury Department's sanctions enforcer $152 million for holding money in New York-based accounts on behalf of Iran's central bank.
As early as Monday, banks will be able to do what has become seemingly unthinkable in the sanctions compliance field during recent years: ramp up their ties to Iran.
The chairman of a Senate committee vowed Thursday to block additional sanctions against Iran in an effort to protect last month's multilateral accord to suspend portions of the country's nuclear program.
Western financial institutions won't radically amend their sanctions controls in response to an agreement to limit Iran's nuclear program in exchange for a relaxation of banking restrictions, say former officials.
Despite tightened controls on interbank messaging, some bankers looking to hide the role of their blacklisted clients in international wires need only type a single key on their keyboard, according to experts.
Federal officials will weigh whether financial institutions can bank medical marijuana shops, New York's financial regulators asks two financial consultancies for data and more, in this week's news roundup.
Germany's BaFin is reportedly investigating potential AML violations by Deutsche Bank, a U.K. court could order the British government to pay millions to compensate a blacklisted Iranian bank, and more, in this midweek roundup.
The U.S. House of Representatives Wednesday approved legislation that would limit White House-granted waivers to nations that purchase oil from Iran under a 2011 sanctions law.
A U.S. official's threat last month of economic sanctions against four Chinese banks is likely to be toothless given economic and enforcement hurdles, say sanctions analysts.
Additional banking and trade restrictions that target the finance and supply of Iran's nuclear and ballistic missile programs were passed by the U.N. Security Council Wednesday.
U.K. lawmakers plan to quickly pass legislation to reverse a high court decision Wednesday that disallowed the freezing of funds belonging to suspected terrorist financiers under United Nations sanctions.
The United Kingdom banned British financial institutions Monday from transacting business with an Iranian shipping company and one of Iran's five state-owned banks.
Compliance officers at some of the world's largest financial institutions are concluding they need to create sanctions-specific programs to avoid regulatory penalties and tarnished reputations, according to a Deloitte survey released Monday.
The United States should revamp how it blacklists suspected terror financiers and better coordinate how financial institutions share data on terrorist financing, according to a report issued Monday.
An EU decision Thursday to strike down a United Nations terror designation will mean more legal challenges by organizations accused of terror ties, say analysts.
The U.S. Senate banking committee approved a bill that would ratchet up economic pressure on Iran and increase the budgets of two government agencies that enforce sanctions and counter-terrorist financing regulations.
The bank, which is based in London, expects to reach a "resolution" with the U.S. Justice Department, U.S. Treasury Department's Office of Foreign Assets Control and New York District Attorneys office, Lloyd's said in a statement Friday.