UAE Central Bank Targets Mell Iran Branches
The Central Bank of the United Arab Emirates has imposed penalties on Bank Melli Iran's branches in the UAE due to violations related to anti-money laundering and terrorism financing. It confirmed that these branches are prohibited from conducting any financial transactions with Iran, including trade financing and money transfers. This measure is part of supervisory efforts to strengthen the safety of the local financial system and ensure that financial institutions adhere to international standards, amid escalating US sanctions on Iranian financial institutions. It is worth noting that Bank Melli was established in 1928 with the goal of providing financial independence for Iran, and it has branches in the Gulf and Europe.
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