This article is also available in German
A clear multi-lateral legal framework in relation to international financial sanctions against Iran is emerging. We understand that the European Union is now drafting new international sanctions regulations which directly affect the ability of EU based financial communication service providers (such as SWIFT) to provide their services to Iranian financial institutions subject to EU sanctions. In addition, we are closely following the progress of a bill passed by the US Senate Banking Committee regarding Iran which has similar intention.
SWIFT stands ready to act and discontinue its services to sanctioned Iranian financial institutions as soon as it has clarity on EU legislation currently being drafted.
This decision follows extensive consultation with our board and with relevant regulatory authorities. The decision also reflects the extraordinary and highly exceptional circumstances of significant multi-lateral international support for the intensification of sanctions against Iran.
SWIFT has also informed its overseers. SWIFT is overseen by the G10 Central Banks.
The responsibility of SWIFT with regard to international financial sanctions has always been to assist our member banks in meeting their responsibilities to comply with national and international regulation. SWIFT is and has always been in full compliance with applicable sanctions regulations and has received confirmation of this from the competent regulatory authorities.