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New guidance on OFSI's new licensing approach for designated Iranian banks
The Office of Financial Sanctions Implementation (OFSI) has published new guidance today. With immediate effect, HM Treasury will apply a presumption of denial to licence applications made by the five designated Iranian banks listed below. Each application will continue to be considered on its individual facts.
- Bank Sepah
- Melli Bank plc
- Bank Saderat
- Persia International Bank
- Bank Tejarat
This means that licence applications involving these banks will generally be refused unless there are clear and compelling reasons to justify an exception. Further details on how this test will be applied will be set out in a FAQ soon.
In addition, OFSI will not renew the Iran Interim Basic Necessities General Licence INT/2025/7628424, which expires on 22 October 2026. Following its expiry, transactions previously authorised under that General Licence will no longer be authorised unless permitted by another applicable general licence or by a specific licence issued by HM Treasury.
Read the full guidance.
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