Regulatory Alerts2017-08-24 | 29508Added · Updated
Circular Letter on U.S. Legislation Regarding Iranian Financial Institutions
The Central Bank of Trinidad and Tobago advises licensees under the Financial Institutions Act, 2008, that the U.S. National Defense Authorization Act for Fiscal Year 2012 imposes sanctions on foreign financial institutions facilitating significant transactions with the Central Bank of Iran or designated Iranian entities. Private institutions face sanctions for non-petroleum transactions 60 days after enactment, while petroleum-related sanctions apply to all institutions 180 days after enactment, subject to presidential determinations on market supply. Failure to comply may result in the termination or strict limits on U.S. correspondent accounts.
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