Delegates from Iranian banks met with representatives of the European Banking Authority this week in Canary Wharf.  The regulators outlined the role and functions of EBA and discussed with delegates the European anti-money laundering framework and the supervisory standards of governance for banks, which are crucial for enhancing Iranian banks’ correspondent relations with European counterparts. The group of bankers also met with Mark Batts, an international correspondent banking expert. He provided delegates with detailed insight into what counterparty banks require from Iranian financial institutions wishing to do business with them.  Batts discussed the mechanisms of enhanced due diligence in correspondent banking relations, the industry’s best practices for respondent banks and the need to articulate the effectiveness of internal controls. The Iranian delegates are being hosted in London for a week by OSACO Financial, as they attend the London International Compliance Training Programme organized in partnership with the Monetary and Banking Research Institute of the Central Bank of Iran.

Source:

2018, Iranian Delegates Meet European Regulators in London, Wednesday, March 14, p.1,<https://financialtribune.com>