German finance regulator bans Bank Melli Iran from issuing loans

German finance regulator BaFin said on Friday it had banned a Hamburg-based branch of Bank Melli Iran from issuing loans, citing infringement of transparency rules. "BaFin had identified contraventions of the requirements for proper business organisation within the meaning of section 25a (1) of the German Banking Act caused by infringement of the four-eyes principle," BaFin said in a statement.

German finance regulator BaFin said on Friday it had banned a Hamburg-based branch of Bank Melli Iran from issuing loans, citing infringement of transparency rules.

"BaFin had identified contraventions of the requirements for proper business organization within the meaning of section 25a (1) of the German Banking Act caused by infringement of the four-eyes principle," BaFin said in a statement. BaFin said its order became final on Oct. 7.

Calls to Bank Melli Iran's branch in Hamburg went unanswered. Then U.S. President Donald Trump withdrew from the 2015 nuclear accord between Iran and world powers, including the European Union, and reimposed a wide array of sanctions on the Islamic Republic, which made it almost impossible for Iranian banks to do business in the West.

The Biden administration wants to revive the accord.

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