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

2.—(1) A relevant institution must inform the Governor as soon as practicable if it knows or suspects that a relevant person—

(a) is a designated person;

(b) is a person owned or controlled by a designated person;

(c) is a person acting on behalf of or at the direction of a designated person; or

(d) has committed an offence under article 27 to 29, 31 or 32, 35 or 44.

(2) Where a relevant institution informs the Governor under paragraph (1), it must state—

(a) the information or other matter on which the knowledge or suspicion is based;

(b) any information it holds about the relevant person by which the person can be identified; and

(c) the nature and amount or quantity of any funds or economic resources held by the relevant institution for the relevant person since this Order came into force.

(3) A relevant institution must inform the Governor without delay if it credits a frozen account in accordance with article 34(1)(b) or (2).

(4) A relevant institution that fails to comply with any requirement of paragraph (1), (2) or (3) commits an offence.

(5) In this paragraph, “relevant person” means—

(a) a customer of the institution;

(b) a person who has been a customer of the institution since this Order came into force; or

(c) a person with whom the institution has had dealings in the course of its business since then.