The US Treasury Department has issued new regulations implementing provisions of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010. The new rules are effective immediately and prohibit or severely restrict non US financial institutions that knowingly engage in certain activities involving Iran from having US correspondent accounts. The rules also prohibit any person or entity owned or controlled by a US financial institution from engaging in transactions involving the Islamic Revolutionary Guard Corps or related entities.
View full memo, "New US Economic Sanctions Create Risks for Non US Financial Institutions"