x Abu Dhabi, UAESunday 23 July 2017

Central Bank seeks more details of remittances to Iran

Banks in the UAE have been directed by the central bank to provide more frequent details of remittances to Iran.

Banks in the United Arab Emirates have been directed by the central bank to provide more frequent details of remittances to Iran, bankers claim, in an apparent tightening of scrutiny in line with UN sanctions. Banks must provide details of remittances from and to Iran for the month of August as part of studies on the economic impact of United Nations sanctions on Iran, a circular sent to banks said.

"We intend to run this exercise for just a few months," the circular stated, providing no more details on the reasons for the move. Banks have so far been providing remittance information on a quarterly basis, said an Abu Dhabi-based banker who declined to be named. "Perhaps the central bank wants to keep a closer tab on remittances between Iran and the UAE," a second banker said. In recent months ships carrying petroleum to Iran have faced greater scrutiny at ports in the UAE, trade and shipping sources say.

*Reuters