Dealing with non-suspect Iranians is allowed: Central Bank

UAE's banks require approval to permit an Iranian national to open an an account

Banks operating in the UAE can deal with Iranian persons and financial institutions which are not affected by the UN embargo against the Islamic Republic, according to the Central Bank.

In a circular reported by the Arabic language daily Alkhaleej, the Central Bank stressed that the UAE’s 23 national banks and 28 foreign units must first obtain its approval before allowing any Iranian individual or establishment to open an account or receiving funds from their country.

It told banks to provide the Central Bank with information about the accounts and financial activities of all those Iranian persons and establishments.

“The Central Bank will then issue a certificate stating that such accounts are not covered by the embargo,” the circular said.

The Central Bank also said it would take “the necessary measures” to coordinate with banks in the UAE in case of change in the status of embargoed Iranians.

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