Iranian Banks Using 3rd-Party Exchange Cos., US Warns

Law360, New York (January 10, 2013, 7:07 PM EST) -- The U.S. Office of Foreign Assets Control on Thursday urged U.S. banks and other financial institutions to improve their due diligence when dealing with foreign trading and exchange companies, saying Iranian banks have increasingly attempted to avoid U.S. sanctions by using these firms.

According to the OFAC's advisory, Iranian financial companies have stepped up their usage of these so-called third-country firms to get around U.S. sanctions and access the American financial system, a result of increasing restrictions from the international community. U.S. banks should be aware...
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