Having extensive experience with Iran-related matters has put Philip Sidney well above the curve, following the lifting of a broad range of sanctions under the JCPOA.
Our dedicated Iran Team is rapidly expanding in response to our clients’ demand for advice in relation to their current business operations or commercial opportunities in Iran as well as the associated legal and regulatory risks.
We are operating from our offices in Tehran, Amsterdam and Paris to facilitate inquiries of our clients in various jurisdictions.
The lifting of sanctions on July 2015 due to the nuclear deal between Iran and the European Union and United States brought Iran to the attention of the business market. Iran with a population of nearly 81 million people situated in South West Asia with a geopolitical location is an interesting destination for the international export and trade. The second biggest economy of the Middle East and North Africa with young and educated population has regained its position in the international market after JCPOA as a remarkable shift in Iran’s policy. Nevertheless the high potential and ambition of Iran to play a more important role requires more internal developments and external interactions with the global economy.
Philip Sidney has developed a strong record for advising clients on trade sanctions. We recently advised our trading clients on the implications of trade sanctions against Iran, Syria and Russia by the U.S. and EU. In addition, we advise banks on applicable sanctions regulations to its trade finance operations between the EU bank and Iranian banks, specifically on the re-establishment of their correspondent banking relationships. We also developed expertise in classification of goods; military / dual-use as well as assisting major export companies in the application of OFAC licenses within key sectors such as Oil and Gas, Manufacturing, Medical and Aviation.
Since the financial crisis, distress top management as well as fraud disclosure; interest in the issues of governance have grown. When it comes to important developments, instituting a structured and methodical risk management; Philip Sidney assists organizations in setting up their compliance department, conducting a gap analysis/ quick scan for further developments, drafting policies and procedures, determining the inherent risks, measuring and monitoring the risks. We have advised and assisted organizations in financial and non-financial sectors on establishing the Compliance Charter and Framework.
Following the signing of the Joint Comprehensive Plan of Action (JCPOA) in 2015, most Iranian banks were delisted under the EU regime. This means there are no sanctions considerations anymore for EU banks to accept funds coming from delisted Iranian banks. Therefore we could assist you in exploring and accomplishing a direct payment route from or to Iran.
Besides performing due diligence for low risk jurisdictions, we also assist clients to apply Enhanced Due Diligence measures on high-risk jurisdiction or country. Our team consists of lawyers and Farsi speaking consultants who have access to Iran in order to perform Enhanced Due Diligence for International organizations including banks on their (potential) Iranian counterparties.
We have also been invited as main speakers for international seminars on Compliance, Sanctions and Export Controls. With our extensive experience and knowledge of more than 30 years in this sector, we also organize in-house workshops and trainings on International Compliance Management for financial institutions. So far we have conducted Compliance trainings in Amsterdam and Tehran for Iranian banks jointly with European based banks and contribution from Dutch Banking Association (NVB).
For more info on the syllabus and programmes of our trainings please contact our Iran Desk.
Philip Sidney compliance training meets Tejarat bankers learning needs
By Liza Mohd.
Philip Sidney has successfully organized its fourth Compliance Training Programme last week (April 10 – 14) for Tejarat bankers in the Hague, Netherlands. The training received positive feedback from all the participants, citing its benefits and well-designed programme that meets their banking needs.
Tejarat Bank Compliance Manager Ms. Soheila Khalilollahi was overwhelmed with the knowledge gained from the training and is looking forward to put the learning into practice. “We have full trust in Philip Sidney. They took the effort to learn about our bank, the crucial aspects of Iranian culture and its economic climate,” said Soheila. Besides that, the training also raise awareness of sanctions regimes and the global regulatory
demands for banks. This information would certainly improve our position and compliance levels after the sanctions relief in 2016, she added.
“’It is our desire to be part of the global banking system and we are determined to have the level of banking ties between Iran and the world returned to the pre-sanctions era,” she highlighted. “In addition, this training helps us determine our shortfalls and learn important aspects of operational compliance as well as regulatory sanctions, international regulatory requirements and legislation. We would definitely apply the knowledge acquired from this training into our organization and transfer it to our colleagues.”
The training took place at the Carlton beach hotel where delegates enjoyed the scenic view of Scheveningen pier overlooking the North Sea. Their days in the Netherlands also coincides with the opening of Keukenhof Tulip Gardens where the delegates immersed themselves in the spectacular and colorful flower displays. The delegates wrapped up their stay with a visit to the Binnenhof and other attractions in the Hague.
The five-day training was organized for Tejarat bank to raise awareness about the regulatory framework required to fulfill international banking standards.