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Treasury Seeks US Banks' Help On Iran Financial Ties

Law360 (April 27, 2011, 6:49 PM EDT) -- The U.S. Department of the Treasury on Wednesday rolled out a new proposal to require U.S. banks to report certain information about foreign banks for which they maintain correspondent accounts, to aid in enforcing sanctions against Iran.

The reporting requirement would be invoked as necessary to elicit information valuable in the implementation of the Comprehensive Iran Sanctions, Accountability and Divestment Act of 2010, the Treasury's Financial Crimes Enforcement Network said.

“The proposed regulations would work in tandem with other financial provisions of CISADA to isolate financial...
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