The Iran (Restrictive Measures) (Overseas Territories) Order 2012

Notifications and authorisations of transfers of funds

33.—(1) A branch or subsidiary, incorporated or constituted in the Territory, of a credit or financial institution domiciled in Iran must notify the Governor within five working days after carrying out or receiving any transfer of funds of—

(a) the transfer of funds carried out or received by it,

(b) the names of the parties, and

(c) the amount transferred and the date of the transaction.

(2) If the information is available, the notification must also specify—

(a) the nature of the transaction,

(b) the nature of the goods covered by the transaction, in particular whether the goods are included in Annex I, II, III, IV, V, VI or VII to the Council Regulation, and

(c) if the export of the goods is subject to authorisation, the number of the licence granted by the Governor.

(3) A person to whom this Order applies who fails to comply with paragraph (1) or (2) commits an offence.

(4) Notifications and requests for authorisation relating to the transfer of funds must be processed in accordance with paragraph (5) or (6).

(5) In the case of electronic transfers of funds processed by credit or financial institutions, notifications and requests for authorisation relating to the transfer of funds are to be processed as follows—

(a) notifications and requests for authorisation relating to the transfer of funds to an Iranian person, entity or body which is located outside the Territory are to be addressed by or on behalf of the payment service provider of the payer to the Governor of the Territory where the initial order to execute the transfer was given;

(b) notifications and requests for authorisation relating to the transfer of funds from an Iranian person, entity or body which is located outside the Territory are to be addressed by or on behalf of the payment service provider of the payee to the Governor of the Territory in which the payee is resident or the payment service provider is established;

(c) notifications and requests for authorisation relating to the transfer of funds to an Iranian person, entity or body which is located within the Territory are to be addressed by or on behalf of the payment service provider of the payee to the Governor of the Territory in which the payee is resident or the payment service provider is established;

(d) notifications and requests for authorisation relating to the transfer of funds from an Iranian person, entity or body which is located within the Territory are to be addressed by or on behalf of the payment service provider of the payer to the Governor of the Territory where the initial order to execute the transfer was given;

(e) where there is more than one payment service provider involved in a series of linked transfers of funds, transfers within the Territory must include a reference to the authorisation granted by the Governor.

(6) In the case of transfers of funds which are effected by non-electronic means, notifications and requests for authorisation relating to the transfer of funds are to be processed as follows—

(a) notifications and requests for authorisation relating to the transfer of funds to an Iranian person, entity or body which is located outside the Territory are to be addressed by the payer to the Governor of the Territory where the payer is resident;

(b) notifications and requests for authorisation relating to the transfer of funds from an Iranian person, entity or body are to be addressed by the payee to the Governor of the Territory where the payee is resident.