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The Iran (Restrictive Measures) (Overseas Territories) Order 2012

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Enhanced vigilance

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36.—(1) This article applies to credit and financial institutions in their activities with—

(a)any bureaux de change, credit or financial institution domiciled in Iran,

(b)any branch or subsidiary, wherever located, of a bureaux de change, credit or financial institution domiciled in Iran, or

(c)any bureaux de change, credit or financial institution that is not domiciled in Iran, but is controlled by a person or entity domiciled in Iran.

(2) For the purpose of preventing infringements of this Order, credit and financial institutions must—

(a)exercise continuous vigilance over account activity, particularly through their programmes on customer due diligence;

(b)require that in payment instructions all information fields which relate to the originator and beneficiary of the transaction in question be completed and, if that information is not supplied, refuse the transaction;

(c)maintain all records of transactions for a period of five years and make them available to the Governor on request; and

(d)if they have reasonable grounds to suspect that activities with credit and financial institutions may be in breach of the provisions of this Order, report without delay their suspicions to the Governor.

(3) A person who fails to comply with paragraph (2) commits an offence.

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