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Ofac iran sanctions summary2/15/2023 ![]() Those efforts are consistent with apparent U.S. The OFAC guidance follows substantial outreach and meetings of senior Obama Administration officials with major institutional lenders and financial institutions in Europe and elsewhere in recent months encouraging greater participation and support for transactions permitted under JCPOA sanctions relief. financial services institutions, which, to date, have proven reluctant to support or participate in Iran-related transactions, notwithstanding sanctions relief measures under the JCPOA implemented by the United States and the European Union. ![]() Together, these clarifications provide guidance of particular relevance to non-U.S. sanctions relief implemented pursuant to the Joint Comprehensive Plan of Action (JCPOA or “the Agreement”) in January 2016. government expectations for conduct of compliance screening and due diligence in Iran-related transactions otherwise permissible under U.S. sanctions on Iran can affect transactions involving affiliates of Iranian Specially Designated National (SDNs) and (c) U.S. ![]() dollar transactions involving Iran (b) when residual “secondary” U.S. financial institutions (FFIs) may engage in U.S. Department of the Treasury, Office of Foreign Assets Control (OFAC) published new guidance clarifying (a) circumstances under which non-U.S. ![]()
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