Identifier
Created
Classification
Origin
08DUSSELDORF3
2008-01-10 13:37:00
UNCLASSIFIED
Consulate Dusseldorf
Cable title:
GERMAN REGULATORS PAYING SPECIAL ATTENTION TO EUROPE-IRAN
VZCZCXRO8764 OO RUEHAG RUEHBC RUEHDE RUEHDIR RUEHKUK RUEHLZ DE RUEHDF #0003 0101337 ZNR UUUUU ZZH O R 101337Z JAN 08 FM AMCONSUL DUSSELDORF TO RUEHC/SECSTATE WASHDC IMMEDIATE 0108 INFO RUEATRS/DEPT OF TREASURY WASHINGTON DC RUCNIRA/IRAN COLLECTIVE RUCNFRG/FRG COLLECTIVE RHMFIUU/DEPT OF JUSTICE WASHINGTON DC RUEHDF/AMCONSUL DUSSELDORF 0124
UNCLAS DUSSELDORF 000003
SIPDIS
SIPDIS
PASS: P, T, E, EEB, NEA/IR, ISN, EUR/AGS
E.O. 12958: N/A
TAGS: EFIN ECON PTER PGOV KNNP ETTC MNUC PREL GM IR
SUBJECT: GERMAN REGULATORS PAYING SPECIAL ATTENTION TO EUROPE-IRAN
COMMERCIAL BANK
REF: A. A. 07 BERLIN 2256
B. B. 07 BERLIN 2192
Sensitive but Unclassified -- Not for Internet Distribution
UNCLAS DUSSELDORF 000003
SIPDIS
SIPDIS
PASS: P, T, E, EEB, NEA/IR, ISN, EUR/AGS
E.O. 12958: N/A
TAGS: EFIN ECON PTER PGOV KNNP ETTC MNUC PREL GM IR
SUBJECT: GERMAN REGULATORS PAYING SPECIAL ATTENTION TO EUROPE-IRAN
COMMERCIAL BANK
REF: A. A. 07 BERLIN 2256
B. B. 07 BERLIN 2192
Sensitive but Unclassified -- Not for Internet Distribution
1. (SBU) German federal banking regulators report they have
placed the Hamburg-based Europe-Iran Commercial Bank
(Europaeisch-Iranische Handelsbank) under "special supervision."
As part of Mission Germany's ongoing dialogue with the Federal
Finance Ministry in Berlin and Bonn-based German federal bank
regulators on Iran-related issues, senior German Federal
Financial Supervisory Authority (BaFin) officials told
Duesseldorf Pol/Econ Officer on January 9 that BaFin officials
have regular meetings with the bank and closely observe their
business activities, meeting personally with bank
representatives four to six times a year (significantly more
than other banks, which tend to receive only one to two visits
annually). Our interlocutors added that BaFin requires the
Europe-Iran Commercial Bank to submit special reports and that
regulatory officials evaluate their trade financing as well as
the origin of personal deposits.
2. (U) On November 12, 2007, BaFin issued a circular notice
asking German banks and financial service institutions to take
into consideration the October 11 Financial Action Task Force
recommendations on exercising additional due diligence and
scrutiny on all Iran-related transactions. Embassy Berlin has
provided the text of the BaFin circular to Treasury, EEB, EUR,
and ISN.
3. (U) This message was coordinated with Embassy Berlin and
Consulate General Hamburg.
BOYSE
SIPDIS
SIPDIS
PASS: P, T, E, EEB, NEA/IR, ISN, EUR/AGS
E.O. 12958: N/A
TAGS: EFIN ECON PTER PGOV KNNP ETTC MNUC PREL GM IR
SUBJECT: GERMAN REGULATORS PAYING SPECIAL ATTENTION TO EUROPE-IRAN
COMMERCIAL BANK
REF: A. A. 07 BERLIN 2256
B. B. 07 BERLIN 2192
Sensitive but Unclassified -- Not for Internet Distribution
1. (SBU) German federal banking regulators report they have
placed the Hamburg-based Europe-Iran Commercial Bank
(Europaeisch-Iranische Handelsbank) under "special supervision."
As part of Mission Germany's ongoing dialogue with the Federal
Finance Ministry in Berlin and Bonn-based German federal bank
regulators on Iran-related issues, senior German Federal
Financial Supervisory Authority (BaFin) officials told
Duesseldorf Pol/Econ Officer on January 9 that BaFin officials
have regular meetings with the bank and closely observe their
business activities, meeting personally with bank
representatives four to six times a year (significantly more
than other banks, which tend to receive only one to two visits
annually). Our interlocutors added that BaFin requires the
Europe-Iran Commercial Bank to submit special reports and that
regulatory officials evaluate their trade financing as well as
the origin of personal deposits.
2. (U) On November 12, 2007, BaFin issued a circular notice
asking German banks and financial service institutions to take
into consideration the October 11 Financial Action Task Force
recommendations on exercising additional due diligence and
scrutiny on all Iran-related transactions. Embassy Berlin has
provided the text of the BaFin circular to Treasury, EEB, EUR,
and ISN.
3. (U) This message was coordinated with Embassy Berlin and
Consulate General Hamburg.
BOYSE