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Letter to industry: Financial sanctions against Iran

3 August 2010

To all APRA regulated Authorised Deposit-Taking Institutions, General Insurers and Life Insurers

The Treasurer has written to APRA to advise that the United Nations Security Council (UNSC) agreed on 9 June 2010 to impose further financial sanctions on Iran as a result of Iran's ongoing failure to comply with the requirements of the International Atomic Energy Agency (IAEA) and the UNSC on its nuclear program.

Resolution 1929 (2010) calls on UN member states to prevent the provision of financial services, including insurance or re-insurance, or the transfer of any financial or other assets or resources, where there is reason to believe such services, assets or resources could contribute to Iran's proliferation-sensitive nuclear or missile programs including, in the Australian context, by:

  • applying enhanced monitoring to prevent all such transactions;
  • prohibiting the opening in Australia of new branches, subsidiaries or representative offices of Iranian banks;
  • prohibiting Iranian banks from establishing new joint ventures, taking an ownership interest in or establishing or maintaining correspondent relationships with Australian banks; and
  • prohibiting Australian financial institutions from opening representative offices or subsidiaries or banking accounts in Iran.

APRA requests that its regulated institutions undertake no activities that would breach these sanctions.

Details on the sanction measures adopted can be accessed at: http://www.dfat.gov.au/un/unsc_sanctions/unscr_1929.html.

Keith Chapman
Executive General Manager
Supervisory Support Division