Law Firm Shearman & Sterling has released a report on the US Treasury Department’s new regulations implementing provisions of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (the Sanctions Act).
The new rules are effective immediately and prohibit or severely restrict non-US financial institutions that knowingly engage in certain activities involving Iran from having US correspondent accounts.
The rules also prohibit any person or entity owned or controlled by a US financial institution from engaging in transactions involving the Islamic Revolutionary Guard Corps (the Revolutionary Guard) or related entities.
ACQ Magazine