All tagged banks

US Sanctions: SWIFT Network Suspends Several Iran Banks

◢ The SWIFT banking network, the backbone for international monetary transfers, said Monday it has suspended several Iranian banks from its service, after the United States reimposed nuclear sanctions on Tehran. SWIFT, the Belgian-based Society for Worldwide Interbank Financial Telecommunication, provides banks with a secure messenger network to allow international transfers.

Iran Sanctions Shadow Falls on Smaller German Banks

◢ Germany's biggest lenders have shied away from business with Iran after past penalties for breaching US sanctions, but smaller banks have leapt on opportunities afforded by the nuclear deal rejected by Donald Trump. Officials at Germany’s central bank believe that much has so far changed for business with Iran.