Clearstream Banking to pay $152 mn for Iran sanctions violations
After breaking sanctions on Iran and holding account on behalf of Iranian Central Bank, Lexembourg company set to pay US $152 million
Luxembourg financial clearing house Clearstream Banking will pay the United States $152 million to settle accusations it illegally helped Iran's central bank access the US financial system, the Treasury announced Thursday.
The Treasury said that in 2007 and 2008, Clearstream held an account in a bank in New York on behalf of the Central Bank of Iran that contained $2.8 billion worth of securities, violating US controls on financial dealings with Tehran.
Clearstream further transferred the CBI's interests, an act of custody and related banking services under US jurisdiction which the Treasury said constituted an "apparent violation" of the US Iranian Transactions and Sanctions Regulations.
"Clearstream provided the Government of Iran with substantial and unauthorized access to the US financial system," said Adam Szubin, director of the Treasury's Office of Foreign Assets Control.
"Today's action should serve as a clear alert to firms operating in the securities industry that they need to be vigilant with respect to dealings with sanctioned parties," he said in a statement.
