17:34 GMT30 October 2020
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    US payment system MasterCard has received a violation notice over credit card accounts at two Iranian banks that the United States claims were involved with terrorists or weapons of mass destruction, the US Department of Treasury announced in a press release on Wednesday.

    WASHINGTON, March 16 (Sputnik) – Treasury’s Office of Foreign Assets Control (OFAC) identified dormant MasterCard accounts at Iran's Bank Melli and Bank Saderat.

    "As a large and commercially sophisticated company that deals primarily with banks and other financial institutions, MasterCard should have identified and reported accounts, funds, and property and interests in property," the release said.

    Bank Melli had earlier been penalized by the Treasury under an order blocking property of weapons of mass destruction proliferators, and Bank Saderat had been sanctioned under a measure prohibiting transactions with terrorists, the release explained.

    The MasterCard accounts remained dormant and funds in those accounts never reached any sanctioned individuals or institutions, according to the release. Moreover, MasterCard cooperated with authorities during the investigation. As a result the Treasury’s enforcement was limited to a "finding of violation," with no further penalties, the release continued.

    The violations occurred prior to the January 16 implementation of an international nuclear deal with Iran, which resulted in sanctions against Bank Melli being lifted, along with most other sanctions against the Islamic Republic.


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    violation, bank account, law, Mastercard Inc, Iran, US
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