13 Dec 2022 20:33

Georgia tightening control of banking transactions involving Iran

TBILISI. Dec 13 (Interfax) - The National Bank of Georgia has demanded that all 15 commercial banks in the country tighten control of individuals with ties to Iran and thoroughly monitor transactions involving the country.

The National Bank decided to do so in order to strictly comply with requirements of international sanctions imposed by the United States on Iran, the regulator said in a statement published on its website.

"A regulation has been developed with the involvement of the National Bank of Georgia and commercial banks that sets out detailed requirements for commercial banks to significantly reduce the risks of violating the requirements of international sanctions," the statement said.

"Banking transactions directly/indirectly related to the Islamic Republic of Iran and/or goods of Iranian origin, under the full-scale US sanctions against Iran, including banking settlements related to the transportation of cargo through the territory of Iran and/or by means of transport registered in Iran (air, sea, land, rail), may be considered a violation of international sanctions imposed by the US," the National Bank of Georgia said.

It called on the Georgian banks to refrain from performing relevant transactions if there are risks of violating sanctions, and use even stricter control mechanisms according to their internal procedures.