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US sanctions firms for providing tech to Central Bank of Iran

The United States has imposed sanctions on several companies and individuals for smuggling technology to the Central Bank of Iran (CBI).

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US sanctions firms for providing tech to Central Bank of Iran

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

The CBI is designated by the US for its role in providing financial support to the Islamic Revolutionary Guard Corps-Qods Force and Hizballah.

The US Department of the Treasury actions centre on Informatics Services Corporation (ISC), the publicly recognised technology arm of CBI, which oversees Iran’s electronic banking clearance network and most recently developed the country's CBDC.

ISC, two firms in the United Arab Emirates, one in Turkey and three individuals have been hit with the sanctions.

The US describes UAE-based Advance Banking Solution Trading (ABS) as a front company for ISC. ABS is accused of acquiring proprietary US goods and technology from over two dozen companies, both indirectly and through third-party resellers, for onward transfer to CBI.

Among the technology acquired by CBI from American firms were some classified as information security items subject to national security and anti-terrorism controls by the US.

Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E Nelson, says: "The Central Bank of Iran has played a critical role in providing financial support to the IRGC-QF and Hizballah, two key actors intent on further destabilising the Middle East.

"The United States will continue to use all available means to disrupt the Iranian regime’s illicit attempts to procure sensitive US technology and critical inputs."

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