Risk Level:
unknown %

Risk Alert – Entity in a problematic sector - Sector controlled by the Top Alert entities

Euler Hermes is a credit insurance company that offers a wide range of bonding, guarantees and collections services for the management of business-to-business trade receivables;

According to information received from a top German insurance and credit compliance agency, a German insurance company, Euler Hermes has been providing (since 2017) credit (LC) to European firms wishing to trade with Iran, through a specific Iranian bank;

The information provides a clear picture of a very close commercial and business cooperation between Euler Hermes and the sanctioned Iranian “bank of Industry and Mine” which acts as the business counterpart for Euler Hermes and its European clients wishing to trade and maintain business activity in Iran;

In effect, these extra payments are being transferred by Mr. Behnam Khatami via his former law firm Atieh associates operating from Tehran and Mr. Naser Anzalichi a senior associate at Top EMC – a trade management and market research company located in Tabriz, Iran;

Germany’s export credit insurer Euler Hermes AG said on Friday it has guaranteed exports to Iran worth 200 million euros ($235.46 million) since 2016. The programme remains in place for now and companies can still apply guarantees, Hermes said.“ (UPDATE 1-German’s DZ Bank to halt Iran transactions in July,” Reuters, May 18, 2018);

“German Economy and Energy Minister Brigitte Zypries said Euler Hermes–a leading provider of trade credit insurance–is interested in covering investments in Iran, especially in energy and electricity sectors.” (June 28, 2017);

The Head of Underwriting and Financial Institutions is listed as a speaker for Euler Hermes, at the 3rd Banking and Business Forum Iran-Europe, taking place in Frankfurt Germany from November 16-17, 2016. (Euro Finance Week, Speakers);

“Iran has signed initial agreements with Germany’s Hermes insurance firm and Swiss Export Risk Insurance (SERV) to provide cover for transactions with Europe, IRNA news agency says. The Export Guarantee Fund of Iran (EGFI) signed the agreements in Lisbon on the sidelines of the annual meeting of Bern Union, an association of private and state export credit insurers from around the world, it reported Wednesday. Under the agreement, the Iranian and European sides will cooperate on “exchange of economic, trade and banking information, reinsurance coverage, coinsurance, and training.” IRNA quoted EGFI Managing Director Kamal Seyyed-Ali as saying that European export credit insurers were increasingly interested in financing projects after the lifting of sanctions on Iran.” (Press TV, “Iran signs deals with German, Swiss insurers,” 10/26/2016);

Financial Services


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Person of interests:
Axel Theis, chairman of Euler Hermes Supervisory Board (since May 25th, 2015)
Wilfried Verstraete, chairman of Euler Hermes Board of Management (since April, 2010)

Reason for the color:
» Senior Euler Hermes board members are taking bribe from Iranian bank to cover risk of trading with Iran;

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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)
Designated / Sanctioned / Illicit entities
Entities affiliated with Designated / Sanctioned / Illicit entities.
Entities sanctioned in the past for Terror or Illicit activities / WMD related / Human rights violations.
Entities in a problematic sector - Sector controlled by the Top Alert entities.
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.