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Georgia tightens control over all transactions related to Iran

Caucasus (bbabo.net), - The National Bank of Georgia has instructed all commercial banks in the country to strengthen the verification of transactions related to Iran in order to comply with US sanctions.

“In the context of full-scale US sanctions against Iran, banking operations directly or indirectly related to the Islamic Republic of Iran and goods of Iranian origin may be considered as a violation of international sanctions imposed by the US,” the National Bank said.

We are also talking about operations related to the transportation of goods through the territory of Iran and vehicles registered in Iran - air, sea, land, rail.

“In order to comply with the requirements of international sanctions imposed by the United States, commercial banks are required to apply enhanced preventive measures against persons associated with Iran, as well as to carry out enhanced monitoring of transactions related to Iran, and in case of a risk of violation of sanctions, not to miss such transactions,” National Bank warned.

The regulation is mandatory for all banks operating in Georgia. In addition to the regulations, commercial banks can use more stringent control mechanisms based on their own policy, the Georgian regulator said.

Georgia tightens control over all transactions related to Iran