February 1, 2007 - 6:54PM
ANZ Banking Group is curtailing financial transactions with
US-sanctioned countries Sudan, Cuba and Iran to ensure compliance with
US regulations.
Following a review of its compliance with US economic sanctions, ANZ
said it would upgrade its automated sanction filters and introduce
stricter controls on manual overrides of transactions flagged by
automated screening.
The main issue is trade financed in US dollars or involving a US citizen
with the sanctioned countries.
The review covered more than 330,000 trade finance transactions for
Australia and international clients between 2001 and 2006.
ANZ said of those transactions, only 42 involved parties from
US-sanctioned countries and they remained under review.
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