Regulatory Alerts2018-08-22
Added
Certification for Purposes of Section 104(e) of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010
Foreign banks maintaining correspondent accounts with U.S. banks must complete a certification detailing activities involving Iranian-Linked Financial Institutions or IRGC-Linked Persons designated under IEEPA. The form requires disclosure of correspondent accounts, fund transfers processed within the preceding 90 calendar days, and approximate transaction values in U.S. dollars. Foreign banks must notify the U.S. bank in writing within 30 calendar days if they establish a new correspondent account for a designated Iranian-linked entity within 365 days of the response date.
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