Central bank seeks data on Iran money transfers

Dubai: The UAE Central Bank is seeking information on money transfers between the UAE and Iran from banks following the imposition of additional economic sanctions by the United Nations Security Council in June this year.

Bankers said on Monday that the central bank has issued a circular on September 4 seeking statistics on money transfers between the two countries in August.

"Usually we do report the details of transactions on a quarterly basis. However we have received a communication from the central bank to report the August figures this week," said a Dubai-based banker.

The central bank communication is not clear about the purpose of early reporting for the month of August and is not specific if the frequency of reporting has changed from quarterly basis to monthly basis.

Exchange houses said yesterday that they have not yet received any central bank communication on the change in the frequency of reporting of money transfer statistics.

"We can confirm that we have not received any communication on the change in the frequency on reporting money transfer statistics with Iran or any other country," said the General Manager of a leading exchange house.

Bankers and officials from exchange houses said yesterday that the central bank had asked them to be vigilant on large transfers between the UAE and Iran at a meeting last month.

Impact of sanctions

"It appears that the central bank is keen to know the impact of international sanctions on the movement of money between the two countries. However, there has been no change so on policy towards dealing with Iranian customers or fund transfers between the two countries," said a banker.

Services operational

Banks and a number money exchanges confirmed on Monday that they are continuing two-way transfers of money between the two countries, while Iranian customers continue to get all banking services in the UAE.

"We continue to open new accounts and provide all banking services to our Iranian customers. While salary accounts are opened without any delay business accounts have been subject to special scrutiny in the light of the international sanctions for the past several years.

"However we do open an operate accounts of Iranian owned businesses," said a banker.