Risk Level:
99% May harm your business future; Persons or entities that engage in transactions with this entity will be exposed to sanctions or subject to an enforcement action;

Working with this entity means supporting Iranian Regime, Regime Terrorist Activities & development of WMD

Status:
Top Alert – Entity designated / sanctioned for terror, WMD and human rights violation

Info:
Established in 2001 following authorization from the Central Bank of the Islamic Republic of Iran (CBI), EN Bank (Bank Eghtesad Novin) is the Islamic Republic of Iran’s first private bank. A group of industrial, construction and investment companies launched the bank, with the aim of providing flexible financial services to the Iranian private sector;

According to EN bank official website, the following companies are mentioned as their shareholders:
– Iran Construction Investment Company – 9.5%
– Samaneh Stratus Investment Company – 8.9%
– Behshahr Industrial Group Construction Company – 8.8%
– Behpakhsh Company – 8.7%
– Javanan Housing Company – 8.5%
– Behshahr Group Investment Company – 7.3
– Tehran Renovation and Construction Company – 6.9
– Behpak Industrial Company – 5.7%
– Sugar Management Company – 5.6%
– Iran Zinc Mines Development Company – 0.5%

According to U.S. Treasury Department Behshahr Industrial Development Corporation it is owned and controlled by Tose-e Melli Group Investment Company. Entity owned by Bank Melli;

Iran Zinc Mines Development Company is designated by the U.S. Treasury Department for being owned or controlled by Taktar Investment Company. And Taktar investment Company is owned and controlled by Mehr Bank;

Iranian Eghtesad Novin Bank has invested $120 million for establishing the Islamic Regional Cooperation Bank for Development and Investment. The Iranian bank shares 68 percent of the joint bank’s capital;

Industry:
Financial services

Also Known As:
Eghtesad Novin Bank
Modern Economy Bank
Bank-E Eghtesad Novin
EN Bank PJSC

Established:
2001

Country:
Iran

Address:
Vali Asr Street, Above Vanak Circle, across Niayesh, Esfandiari Blvd., No. 24, Tehran, Iran

Phone:
+98 21 8233 0000

Website:
www.english.enbank.ir

E-mail:
info@enbank.ir

Person of interests:
Kamran Eghtesad – (Co-founder)
Alireza Bolgouri – (CEO)
Ali Mohammad Eghtesad
Shahla Eghtesad
Nosratallah RoshanZamir
Belgheis Fallahi

Reason for the color:
» Added to the Specially Designated Nationals (SDN) list maintained by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) on October 8, 2020 pursuant to Executive Order 13902, which provides authority to identify and impose sanctions on key sectors of Iran’s economy in order to deny the Iranian government financial resources that may be used to fund and support its nuclear program, missile development, terrorism and terrorist proxy networks, and malign regional influence;
Under the provisions of E.O. 13902, the Secretary of the Treasury identified the financial sector of Iran’s economy as an additional avenue that funds the Iranian government’s malign activities;

» Added to the Specially Designated Nationals (SDN) list maintained by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) on November 05, 2018;


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IFMAT Color Guide

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We sort entities who are connected with terrorist activities, in two sections, first by risk and second by geolocation.
GeoLocation divisions are divided into two fields, Black List and Gray List.
BlackList is a list of all companies, organizations and figures who originate from Iran.
GrayList is a list of all companies, organizations and figures out of Iranian borders, and doing business with Iran.
We identify risk of entities by COLOR selection, each color marks the risk level of the entity.(by declining order)
 
TOP ALERT
Designated / Sanctioned / Illicit entities
 
HIGH ALERT
Entities affiliated with Designated / Sanctioned / Illicit entities.
 
MEDIUM ALERT
Entities sanctioned in the past for Terror or Illicit activities / WMD related / Human rights violations.
 
RISK ALERT
Entities in a problematic sector - Sector controlled by the Top Alert entities.
 
GENERAL ALERT
Legitimate entities - we cannot determine whether an entity is completely green, and that is due to the facts that the Iranian economy is not transparent enough for us. Be sure.