American Express: We Closed 30 Bank Accounts Linked to the Islamic Republic

The major financial services and credit card company 'American Express' or 'Amex' has stated that last year, it identified and closed 30 bank accounts of customers who may have had connections with the Iranian regime. On Friday, February 8, during a regulatory process, Amex announced that these accounts were only used for personal expenses. The company also mentioned that it has ended its relationship with a third-party ATM network that was connected to an Iranian bank under U.S. sanctions. Amex claims to have voluntarily reported these activities to the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury. According to Reuters, the gross revenue and net profit attributed to the financial transactions were 'minimal.' OFAC is responsible for enforcing economic and trade sanctions against foreign entities that pose a threat to the U.S. Bloomberg reported that JPMorgan's relationship with the company of Shamkhani's son is under investigation. The Wall Street Journal noted that Iraqi banks have transferred billions of dollars to Iran in violation of U.S. sanctions. Standard Chartered Bank has been accused of $100 billion in financial transactions with Tehran-backed groups. The United States has sanctioned seven individuals and entities for allegedly smuggling American technology to the Central Bank of Iran. The Financial Times reported that the Islamic Republic has used two major British banks to circumvent sanctions.