Islamic Regional Cooperation Bank

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:
Iran has set up the Islamic Regional Cooperation Bank for Development and Investment in Iraq in a bid to provide services for Iranian clients in Iraq, such as preparing a pricing system to provide guarantee services, issuing letters of guarantee, opening accounts and providing banking services;

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;

Iraqi officials working under the enhanced information-sharing agreement reported to their U.S. counterparts that three sanctioned Iranian banks – Islamic Regional Cooperation Bank, Bank Melli and Parsian Bank—had obtained at least millions of dollars through the auction. Like other Iranian banks, those were operating under international sanctions, and it was illegal for the Fed to knowingly ship dollars to them;

The bank has 11 branches in Iraq and plans to facilitate moving funds using secure brokerage network, reception of facilities by Iranian and Iraqi companies, opening LC to facilitate trading and providing banking consultations;

Also Known As:
Banl-e Taawon Mantagheey-e Eslami
Regional Cooperation Of The Islamic Bank For Development & Investment

Involved In:
Military Weapon Program

Country:
Iraq

Address:
Building No. 59, District 929, Street No. 17, Arsat Al-Hindia, Al Masbah, Baghdad
Tohid Street, Before Tohid Circle, No. 33, Upper Level of Eghtesad-e Novin Bank, Tehran

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;


You May Be Interested

IFMAT Color Guide

×
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.