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US Citizens May Open Bank Account in Iran
Economy, Business And Markets

US Citizens May Open Bank Account in Iran

The Office of Foreign Assets Control affiliated with the US Treasury Department has allowed American citizens to open accounts in Iranian banks, said the Central Bank of Iran’s deputy for foreign finance.

”According to the latest ruling of OFAC, American citizens, who live in Iran and need a bank account, are allowed to open one in Iranian banks,” Hamid Qanbari also said during a conference on Iran’s nuclear deal on Monday.

In October 2016, OFAC had published guidelines for international businesses, saying some previously prohibited dollar transactions with Iran by offshore banking institutions are now allowed, as long as they do not enter the US financial system.

OFAC also removed a blanket ban on foreign transactions with Iranian firms that may be controlled by an entity or individual subject to US sanctions.

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