DOCSLIB.ORG

Annual Report Bank Mellat Turkey 2016

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report Bank Mellat Turkey 2016 ANNUAL REPORT BANK MELLAT TURKEY 2016 BANK MELLAT, HEADQUARTERS: TEHRAN – IRAN, TURKEY HEAD OFFICE IN ISTANBUL, BRANCH OFFICES IN ANKARA AND IZMIR 2016 ANNUAL REPORT TABLE OF CONTENTS I. GENERAL PRINCIPLES WITH RESPECT TO THE ANNUAL REPORT II. CONTENTS OF THE ANNUAL REPORT A. Introduction 1. Summary Financial Information 2. Historical Development of the Branch 3. Shareholding Structure of the Branch 4. Changes in its Capital and Shareholding Structure During the Operating Period 5. Titles of Natural or Legal Persons who hold Qualified Shares and Information about Their Shares 6. Remarks Regarding the Shares, if any, Held by the Chairman and Members of the Board of Managers and General Manager and Deputy General Managers of the Branch 7. Remarks on the Operating Period made by the Chairman of the Board of Managers and General Manager and Their Prospects 7.1. Message of the Chairman of the Board of Directors 7.2. General Manager’s Message 8. Remarks Regarding the Staff, Number of Branches, Branch Service Type, Scope of Activities and Position in the Sector B. Information about the Management and Corporate Governance Practices 1. Board of Managers 2. Senior Management 3. Information About the Operations Conducted Pursuant to the Provisions of the Regulation on the Internal Systems of Banks and the Department Managers Regarding Internal Systems 4. Other Committees 5. Information Regarding Human Resources Practices 6. Information about the transactions with the risk group in which the branch is included 6.1. Information about the credits extended to the risk group in which the branch is included 6.2. Information about deposit accounts owned by the risk group in which the branch is included 6.3. Information about the loans borrowed from the risk group in which the branch is included 6.4. Information about futures contracts, options contracts and suchlike other contracts made between the Branch and the risk group in which the branch is included 6.5. Information about the Benefits provided for Senior Management 7. Outsourced Services and Information About Service Providers C. Assessment of Financial Information and Risk Management 1. Assessment of Functioning of Internal Control, Internal Audit and Risk Management Systems made by the Audit Committee and Its Activities within the Accounting Period 1.1. Operations of Internal Control Department 1.2. Operations of Internal Audit Department 1.3. Risk Management Activities 1.4. Compliance Activities 1.5. Overall Assessment BANK MELLAT, HEADQUARTERS: TEHRAN – IRAN, TURKEY HEAD OFFICE IN ISTANBUL, BRANCH OFFICES IN ANKARA AND IZMIR 2016 ANNUAL REPORT 2. Independent Audit Report 3. Information about Financial Structure 3.1. Assessment of Financial Status, Profitability and Solvency 4. Information About Risk Management Policies Applied by Risk Types 4.1. Principles and Policies for Credit Risk Management 4.2. Principles and Policies for Operational Risk Management 4.3. Principles and Policies for Market Risk Management 4.4. Principles and Policies for Liquidity Risk Management 5. Information about Ratings and Their Contents 6. Summary Financial Information for the Five year Period including the Reporting Period (TRY -thousand) 7. Turkish Version of Annual Report of Bank Mellat Tehran – Iran DRT Bağımsız Denetim ve tl i, serbest Muhasebeci 'il Mali Müşavirlik A"Ş. Maslak no1 Plaza Eski Büyukdere Caddesi Maslak Mahallesi No:1 Maslak, Sarıyer 34398 İstanbul, Türkiye Tel : +90 (21 2) 366 6000 Fax : +90 (21 2) 366 601 0 wııınıv. d eloitte. Com.tr Mersis No: 029100109760001 6 TicariSicil No:304099 (CONVENmNCE TRANSLATION OF INDEPEI§DENT AUDITOR,S REPORT ON THE MANAGEMENT'S ANNUAL REPORT ORIGINALLY ISSUED IN TURKISH) INDEPENDENT AUDITOR,S REPORT ON THE MANAGEMENT'S ANNUAL REPORT Ankara To the Board of Managers of Bank Mellat, Head Offıce: Tahran-İran İstanbul TurkeY Main, and İ2mir Branches: Report on the Audit of Management's Annual Report in accordance with IndePendent Auditİng standards Main, We have audited the annual report of Bank Mellat, Head Office: Tahran-İran İstanbul TurkeY Ankara and İ2mir Branches ("the Branch") for the period ended 31 Decembcr 2016- Management's Responsibility for the Aıınual Report of the annual The Branch Board of Managers is responsible for the preparation and fair presentation with "the Banking report which is consistent with the financial stateınents prepared in accordance including the Regulation and Supervision Agency-and ("BRS§') Accounting and Reporting Regulations" regulation on ..T-he procedures Principles Regarding Banks' Accounting Practices and 26333, Maintaining Documents" published in the Offrcial Gazette dated 1 November 2006 with No. Regulation and and other iegulations on accounting records of banks published bY the Banking Turkish Accounting Supervision ğoard and circulars and prororn.ements published by the BRSA and ("the statements") Standards for the matters not legislatea Uy the aforeınentioned regulations financial ("TCC") and the in accordance with the Article 514 of üe Turkish Commercial Code No. 6102 ..preparing the Official regulation on and publishing the Annual Report by Banks" Published in aS management Gİzette dated 1 Novemb er 2006 and No. 26333, and for such internal control determines relevant to the pre,paration and fair presentation of such annual rÇort. Au d ito r' s Re sp ons ib il i t.v conducted our responsibility is to express an opinion on the Branch's annual report based on our audit on "lndePendent in accordance wİth the prbvisions oİ the Article 397 of the TCC and the regulation Our audit Auditing of Banks" publirhed in tlıe offic iai- Gazette dated 2 Apiil 2015 with No. 29314. and involves whether the financial information provided in the annual report are fairlY Presented consistent with the financial statements, based on our audit rePort dated 14 APril 2017 - a of We conducted our audit in accordance with Independent Auditing Standards, which is Part Turkish Auditing Standards issued by the Public Oversight Accounting and Auditing Standards and Autlrority (..poA,,). Those standards require that şe comply with ethical requirements and Plan in perform the audit to obtain reasonable assurance about şüether the financial information Provided are free from the annual report are fairly presented and consistent with t}ıe fınancial statements and material misstatement. }eloitte refers to on€ elaied entities. DTTL Deloitte An audit involves performing procedures to obtain audit evidence about the historical financial information. The procedures selected depend on the auditor's judgment. We believe that the audit evidence we have obtained is suffıcient and appropriate to provide a basis for our audit opinion. Opinton In our opinion, the financial information provided in the Management's annual re,Port, in all material respects, are fairly presented and consistent with the audited financial statements. Other Legal and Regulatory Requirements In accordance with paragaph three of the Article 402 of the TCC, nothing significant has come to our attention that may cause us to believe that the Branch may not continue its activities for the foreseeable future in accordance with Independent Auditing Standard 570 "Going Concern". DRT BAĞIMSZ DENEriııa vp SERBEST MUHASEBECİ MALİ ıııüşevinı-ir a,.Ş. MeırıberöY of DELOITTE TOUCHE TOHMATSU LIMITEI) yaman polat Partner İstanbul, |7 Mıay 2aL7 BANK MELLAT, HEADQUARTERS: TEHRAN – IRAN, TURKEY HEAD OFFICE IN ISTANBUL, BRANCH OFFICES IN ANKARA AND IZMIR 2016 ANNUAL REPORT I. GENERAL PRINCIPLES WITH RESPECT TO THE ANNUAL REPORT 1. Reporting period : 2016 2. Commercial Title of the Branch : Bank Mellat Merkezi Tahran İran İstanbul Türkiye Merkez Şubesi 3. Address of Bank Mellat Headquarters : Taleghani Avenue. No: 327 Tahran – İran Address of the Branch in Turkey : Büyükdere Cad. Binbirçiçek Sok No.1 34330 1. Levent - İstanbul / Türkiye 4. Phone : (0212) 279 80 15 5. Fax : (0212) 284 62 14 6. Website : www.mellatbank.com 7. Electronic Mail : [email protected] II. CONTENTS OF THE ANNUAL REPORT A. Introduction 1. Summary Financial Information Balance Sheet (TRY -thousand) Increase/ (Decrease) PRIMARY ACCOUNTS 2016 2015 Amount ( %) Cash Reserves and Central Bank 74.912 44.245 30.667 69,31 Banks 200.735 116.001 84.734 73,05 Receivables from Money Market 0 7.201 -7.201 -100,00 Credits 7.964 10.456 -2.492 -23,83 Available-For-Sale Financial Assets 232.561 152.216 80.345 52,78 Other Assets 9.960 10.369 -409 -3,94 Total Assets 526.132 340.488 185.644 54,52 Deposit 275.591 125.079 150.512 120,33 Borrowed loans - - - - Provisions (Tax and Other) 7.357 5.133 2.224 43,33 Other Liabilities 3.212 2.275 937 41,19 Shareholder’s Equity 239.972 208.001 31.971 15,37 Total Liabilities 526.132 340.488 185.644 54,52 1 BANK MELLAT, HEADQUARTERS: TEHRAN – IRAN, TURKEY HEAD OFFICE IN ISTANBUL, BRANCH OFFICES IN ANKARA AND IZMIR 2016 ANNUAL REPORT Income Statement (TRY -thousand) Increase/ (Decrease) PRIMARY ACCOUNTS 2016 2015 Amount ( %) Net Interest Income 27.577 19.538 8.039 41,15 Net Fee and Commission Revenues 9.694 817 8.877 1086,54 Other Revenues (net) 9.428 3.227 6.201 192,16 Total Revenues 46.699 23.582 23.117 98,03 Other Operating Expenses -9.871 -9.060 -811 8,95 Provision of Credit and Other -1.481 -285 -1.196 419,65 Receivables Profit Before Tax 35.347 14.237 21.110 148,28 Tax Provision -6.979 -2.806 -4.173 148,72 Net Profit 28.368 11.431 16.937 148,17 2. Historical Development of the Branch Bank Mellat Iran, established in 1980 as a state bank as a consequence of nationalization of 10 private banks, was registered with Tehran Stock Market and went public in 2008. The size of assets of the Bank is USD 58,119 million as of 20 th September 2016 and the shareholder’s equity of the Bank amounts to USD 2.403 million as of the same date.
Load more

Recommended publications
  • The Court of Justice Confirms the Annulment of the Fund-Freezing Measures in Place Against Bank Mellat Since 2010
    Court of Justice of the European Union PRESS RELEASE No 14/16 Luxembourg, 18 February 2016 Judgment in Case C-176/13 P Press and Information Council v Bank Mellat The Court of Justice confirms the annulment of the fund-freezing measures in place against Bank Mellat since 2010 The Council failed to provide sufficient grounds or evidence In order to strengthen efforts to combat Iran’s nuclear proliferation-sensitive activities and the development of nuclear weapon delivery systems in Iran, the Council froze the funds of various Iranian financial entities, including Bank Mellat, 1 from 2010 onwards. The reasons given for freezing Bank Mellat’s funds were essentially as follows: ‘Bank Mellat engages in a pattern of conduct which supports and facilitates Iran’s nuclear and ballistic missile programmes. It has provided banking services to United Nations and EU listed entities or to entities acting on their behalf or at their direction, or to entities owned or controlled by them. It is the parent bank of First East Export [FEE] which is designated under United Nations Security Council Resolution 1929’. Bank Mellat successfully challenged the freezing of its funds before the General Court.2 The Council subsequently appealed to the Court of Justice to have the General Court’s judgment set aside. In today’s judgment, the Court of Justice, confirming the principles established in Kadi II,3 finds, as did the General Court, that the first two sentences of the reasons set out above do not enable Bank Mellat to establish specifically which banking services it provided to which entities, particularly as the persons whose accounts were managed by Bank Mellat are not identified.
    [Show full text]
  • Iran Chamber of Commerce,Industries and Mines Date : 2008/01/26 Page: 1
    Iran Chamber Of Commerce,Industries And Mines Date : 2008/01/26 Page: 1 Activity type: Exports , State : Tehran Membership Id. No.: 11020060 Surname: LAHOUTI Name: MEHDI Head Office Address: .No. 4, Badamchi Alley, Before Galoubandak, W. 15th Khordad Ave, Tehran, Tehran PostCode: PoBox: 1191755161 Email Address: [email protected] Phone: 55623672 Mobile: Fax: Telex: Membership Id. No.: 11020741 Surname: DASHTI DARIAN Name: MORTEZA Head Office Address: .No. 114, After Sepid Morgh, Vavan Rd., Qom Old Rd, Tehran, Tehran PostCode: PoBox: Email Address: Phone: 0229-2545671 Mobile: Fax: 0229-2546246 Telex: Membership Id. No.: 11021019 Surname: JOURABCHI Name: MAHMOUD Head Office Address: No. 64-65, Saray-e-Park, Kababiha Alley, Bazar, Tehran, Tehran PostCode: PoBox: Email Address: Phone: 5639291 Mobile: Fax: 5611821 Telex: Membership Id. No.: 11021259 Surname: MEHRDADI GARGARI Name: EBRAHIM Head Office Address: 2nd Fl., No. 62 & 63, Rohani Now Sarai, Bazar, Tehran, Tehran PostCode: PoBox: 14611/15768 Email Address: [email protected] Phone: 55633085 Mobile: Fax: Telex: Membership Id. No.: 11022224 Surname: ZARAY Name: JAVAD Head Office Address: .2nd Fl., No. 20 , 21, Park Sarai., Kababiha Alley., Abbas Abad Bazar, Tehran, Tehran PostCode: PoBox: Email Address: Phone: 5602486 Mobile: Fax: Telex: Iran Chamber Of Commerce,Industries And Mines Center (Computer Unit) Iran Chamber Of Commerce,Industries And Mines Date : 2008/01/26 Page: 2 Activity type: Exports , State : Tehran Membership Id. No.: 11023291 Surname: SABBER Name: AHMAD Head Office Address: No. 56 , Beside Saray-e-Khorram, Abbasabad Bazaar, Tehran, Tehran PostCode: PoBox: Email Address: Phone: 5631373 Mobile: Fax: Telex: Membership Id. No.: 11023731 Surname: HOSSEINJANI Name: EBRAHIM Head Office Address: .No.
    [Show full text]
  • Annual Report Annual Report
    Tehran Stock Exchange Annual Report Exchange 2011 Stock Tehran Tehran Stock Exchange Address: No.228,Hafez Ave. Tehran - Iran Tel: (+98 021) 66704130 - 66700309 - 66700219 Fax: (+98 021) 66702524 Zip Code: 1138964161 Gun-metal relief discovered in Lorestan prov- ince, among the Achaemedian dynasty’s (550-330 BC)Antiquities. Featuring four men, hand in hands, indicating unity and cooperation; standing inside circles of 2011 globe,which is it, according to Iranian ancient myths, put on the back of two cows, ANNUAL symbols of intelligence and prosperity. Tehran Stock Exchange Implementation: CAPITAL&MARKET REPORT ANNUAL REPORT Tehran Stock Exchange 2011 Tehran Stock Exchange Tehran www.tse.ir Annual Report 2011 2 Tehran Stock Exchange Tehran www.tse.ir Mission Statement To develop a fair, efficient and transparent market equipped with diversified instruments and easy access in order to create added value for the stakeholders. Vision To be the region’s leading Exchange and country’s economic growth driver. Goals To increase the capital market’s share in financing the economic productive activities. To apply the effective rules and procedures to protect the market’s integrity and shareholders’ equity. To expand the market through using updated and efficient technology and processes. To promote financial literacy and develop investing and shareholding culture in Iran. To extend and facilitate the market access through information technology. To create value for shareholders and comply with transparency and accountability principles, with cooperation
    [Show full text]
  • Off- Campus Branches; Education at IUST
    Iran University of Science and Technology Department of Electrical Engineering Off-Campus Branches Arak Branch Behshahr Branch 124 Iran University of Science and Technology Off-Campus Branches IUST Arak Branch activities. The information center of Arak Branch is giving 24 hour services to the users as one of the best information networks in the area and the city. IUST Arak Branch was founded in 1992. Located in the center Most noteworthy educational/research achievements of the of the city of Arak, was established to provide training for skilled IUST Arak Branch within the past four years include: personnel and reinforce a close relation between Arak industrial Publication of 25 journal papers in highly accredited pole and the IUST, dealing with the research necessities of local engineering journals at national and international levels. industries. Presentation of more than 200 conference papers in Its graduates have shown remarkable success, either as scientific and engineering gatherings. industry employees or as student pursuing their postgraduate Authorship and translation of 6 titles of books in the field of studies in recognized universities. This newly established faculty Technical & Engineering. has had an important role in research activities in the area and Recipient of selected inventor of the country in 2007. excellent cooperation with local industries and government. Recipient of selected researcher of the province in years of IUST Arak Branch transfers the experiences of the industries 2006 and 2007. into classrooms by making some cooperation contracts with Recipient of 3 patents. main industries in the area. 28 industrial project contracts with the Municipality and All faculty members are committed to higher educational and Jahad Keshavarzi.
    [Show full text]
  • Iran's Economy Is Stagnating Even Before
    MENU Policy Analysis / PolicyWatch 3030 Iran’s Economy Is Stagnating Even Before New U.S. Sanctions Hit by Patrick Clawson Oct 29, 2018 Also available in Arabic / Farsi ABOUT THE AUTHORS Patrick Clawson Patrick Clawson is Morningstar senior fellow and director of research at the Washington Institute for Near East Policy. Brief Analysis The impact of imminent sanctions will be magnified by the economy’s recent struggles, and Tehran’s bad financial policies will only make matters worse. he consequences of new U.S. sanctions are just beginning to unfold, but Iran’s economy is already in a T precarious position. Since this spring, it has experienced an unexpected recession, and government policy has exacerbated the situation. Life will get tougher in Iran, but the big question is whether the Islamic Republic believes its economy can muddle through until the Trump administration leaves office. INFLATION, EMPLOYMENT, AND INVESTMENT T he numbers evidence a worsening situation. The Majlis Research Center estimates that Iran’s GDP will fall by 0.8% in the 2018/19 Iranian fiscal year and 2.5% in 2019/20. The IMF’s predictions—especially when compared to its March estimate that the Iranian GDP would increase annually by 4.0%—have become gloomier; its October forecast now shows a decline of 1.5% this year and 3.6% in the next. In describing these changes, the IMF’s most recent World Economic Outlook stated that “Prospects for 2018-19 were marked down sharply for Iran, reflecting the impact of the reinstatement of U.S. sanctions.” According to Iran’s two consumer price indices, this is just the start of their troubles.
    [Show full text]
  • BIC Statement CORRESPONDENT BANK's NAME ALL BR. COUNTRY
    BIC Statement CORRESPONDENT BANK'S NAME ALL BR. COUNTRY 1 AFABAFKA ARIAN BANK,KABUL 2005/11/30 AFGHANISTAN 2 BKMTAM22 EUR BANK MELLAT CJSC YEREVAN, YEREVAN ARMENIA 3 OBKLAT2L OBERBANK AG, LINZ AUSTRIA 4 GIBAATWW ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG, VIENNA AUSTRIA 5 SCHOATWW SCHOELLERBANK AG,VIENNA 2005/05/05 AUSTRIA 6 BKAUATWW EUR UNICREDIT BANK AUSTRIA AG, VIENNA(Bank Austria) 2009/02/17 AUSTRIA 7 CAPNAZ22 AZERBAIJAN INDUSTRY BANK JSC, BAKU 2007/10/02 AZERBAIJAN 8 MELIAZ22 BANK MELLI IRAN, BAKU BRANCH, BAKU 2005/04/20 AZERBAIJAN 9 ABCOBHBM ARAB BANKING CORPORATION (B.S.C.), MANAMA BAHRAIN 10 BMEABHBM BAHRAIN MIDDLE EAST BANK B.S.C.,MANAMA 2010/07/14 BAHRAIN 11 FUBBBHBM EUR,AED FUTURE BANK (B.S.C.) C , MANAMA 2005/12/04 BAHRAIN 12 GULFBHBM GULF INTERNATIONAL BANK, MANAMA BAHRAIN 13 SCBLBDDX STANDARD CHARTERED BANK, DHAKA BANGLADESH 14 SBINBDDH STATE BANK OF INDIA, DHAKA 2006/07/10 BANGLADESH 15 BCBLBDDH BANGLADESH COMMERCE BANK BANGLADESH 16 AKBBBY2X BELARUSBANK , MINSK 2009/02/17 BELARUS 17 BELBBY2X BELVNESHECONOMBANK OJSC , MINSK 2005/05/05 BELARUS 18 HNRBBY2X HONOR BANK,MINSK 2010/07/14 BELARUS 19 BPSBBY2X JSC BPS-BANK (FORMERLY BELPROMSTROIBANK), MINSK 2007/10/02 BELARUS 20 BBTKBY2X TC BANK , MINSK 2009/09/29 BELARUS 21 FBHLBE22 CREDIT EUROPE BANK N.V. ANTWERP BRANCH , ANTWERPEN 2008/02/07 BELGIUM 22 BYBBBEBB BYBLOS BANK EUROPE S.A., BRUSSELS BELGIUM (ALL BR.IN 23 GEBABEBB FORTIS BANK S.A./N.V. BRUSSELS, BRUSSELS BELGIUM) BELGIUM (ALL WORLD 24 KREDBEBB KBC BANK NV , BRUSSELS BR.) BELGIUM 25 DEUTBRSP DEUTSCHE BANK S.A.
    [Show full text]
  • In the Name of God 4
    IN THE NAME OF GOD 4. 50th Anniversary of Iran Capital Market 6. TSE at a glance 11. TSE Annual General Assembly 14. Board of Directors 16.Message from board of directors 18. Time line 25. Introduction to TSE and financial performance 30. Financial performance 33. Market Operations Review 54. Corporate Governance 58. Risk Analysis Report 63. Operations & Achievements in the Financial Year TEHRAN STOCK EXCHANGE 67. TSE’s strategic plans 68. Targets & plans in 2017 - 2018 Annual Report 72. Financial Statements Fiscal Year Ended 20 March 2017 CONTENTS 2 TSE ANNUAL REPORT STOCK EXCHANGE HISTORY IN IRAN DATES BACK TO MORE THAN YEARS NOW February 1967 is the first registered date when introducing electronic trading system, restructuring Tehran Stock Exchange was inaugurated with 6 listed of the capital market and demutualizing of TSE, companies. Later some public bonds and certain privatization of the state-owned companies, joining state-backed securities were added to the tradable global capital markets’ entities, deregulation of foreign instruments. investment and developing new securities, like ETFs and derivatives. In its initial period of development (1967-1978), TSE became the trading venue, as well as fund raising With huge resources, vast geographical area, large platform for 105 listed companies, including 22 population and great untapped opportunities, banks, 2 insurance companies, and 81 other industrial Iran’s capital market is a real promising investment corporations. destination for local and international investors. th In the next periods of evolution, several significant The new logo on the other page has been designed 50 Anniversary of milestones can be specified at the Exchange, namely to commemorate the 50th anniversary of the capital providing tax incentives for listing and trading in TSE, market in Iran.
    [Show full text]
  • FIN-2010-A008 Issued: June 22, 2010 Subject: Update on the Continuing Illicit Finance Threat Emanating from Iran
    Advisory FIN-2010-A008 Issued: June 22, 2010 Subject: Update on the Continuing Illicit Finance Threat Emanating from Iran The Financial Crimes Enforcement Network (FinCEN) is issuing this advisory to supplement information previously provided on the serious threat of money laundering, terrorism finance, and proliferation finance emanating from the Islamic Republic of Iran,1 and to provide guidance to financial institutions regarding United Nations Security Council Resolution (UNSCR) 1929, adopted on June 9, 2010. UNSCR 1929 contains a number of new provisions which build upon and expand the financial sanctions imposed in previous resolutions (UNSCRs 1737, 1747, and 1803) and which are designed to prevent Iran from abusing the international financial system to facilitate its illicit conduct. The resolution’s measures include a call for States, in addition to implementing their obligations pursuant to resolutions 1737, 1747, 1803, and 1929, to prevent the provision of any financial service – including insurance and reinsurance – or asset that does or could contribute to Iran’s proliferation activities; and to prohibit on their territories new relationships with Iranian banks, including the opening of any new branches of Iranian banks, if there is a suspected link to proliferation. The UNSCR also requires States to ensure their nationals exercise vigilance when doing business with any Iranian firm, including the Islamic Revolutionary Guard Corps (IRGC) and the Islamic Republic of Iran Shipping Lines (IRISL), when there is a possibility that
    [Show full text]
  • UK HMT: Financial Sanctions Against Iran
    Financial Sanctions Notification 27/07/2010 Iran Council Implementing Regulation (EU) No 668/2010 1. This notification is issued in respect of the financial measures taken against Iran. 2. Her Majesty’s Treasury issue this notification to advise that, with the publication of Council Implementing Regulation (EU) No 668/2010 of 26 July 2010 (‘Regulation 668/2010’) in the Official Journal of the European Union, (O.J. L195, 27.7.2010, P25) on 27 July 2010, the Council of the European Union has again amended Annex V to Council Regulation (EU) No. 423/2007 (‘Regulation 423/2007’). 3. Article 7(2) of Regulation 423/2007 provides for the Council to identify persons, not designated by the United Nations Security Council or by the Sanctions Committee established pursuant to paragraph 18 of UNSCR 1737 (2006), as subject to the financial sanctions imposed by Regulation 423/2007. Such persons are listed in Annex V to Regulation 423/2007. 4. The amendments made to Annex V by Regulation 668/2010 take the form of the addition of individuals and entities to the list of those subject to the financial sanctions imposed by Regulation 423/2007. Article 7 of Regulation 423/2007 imposes an asset freeze on these individuals and entities. 5. With effect from 27 July 2010, all funds and economic resources belonging to, owned, held or controlled by persons in Annex V to Regulation 423/2007 as amended by the Annex to Regulation 668/2010 must be frozen. No funds or economic resources are to be made available, directly or indirectly, to or for the benefit of persons listed in Annex V unless authorised by the Treasury.
    [Show full text]
  • FACT SHEET: OVERVIEW of IRANIAN-LINKED FINANCIAL INSTITUTIONS DESIGNATED by the UNITED STATES All Designations Include All Offic
    FACT SHEET: OVERVIEW OF IRANIAN-LINKED FINANCIAL INSTITUTIONS DESIGNATED BY THE UNITED STATES All designations include all offices of the listed bank worldwide: January 9, 2007 Bank Sepah – Designated under Executive Order (E.O.) 13382 for providing services to Iran’s missile program, Aerospace Industries Organization. Bank Sepah International Plc., UK – Designated under E.O. 13382 for being owned or controlled by Bank Sepah. October 25, 2007 Bank Melli – Designated under E.O.13382 for providing services to the Ministry of Defense for Armed Forces Logistics (MODAFL) and Iran’s nuclear program, Atomic Energy Organization of Iran (AEOI). Melli Bank PLC – Designated under E.O.13382 for being owned or controlled by Bank Melli. Arian Bank – Designated under E.O.13382 for being owned or controlled by Bank Melli. Kargoshaee Bank – Designated under E.O.13382 for being owned or controlled by Bank Melli. Mir Business Bank (f.k.a. Bank Melli ZAO ) – Designated under E.O.13382 for being owned or controlled by Bank Melli. Bank Mellat – Designated under E.O.13382 for providing financial services to AEOI and Novin Energy Company (AEOI financial conduit). Mellat Bank SB CSJC – Designated under E.O.13382 for being owned or controlled by Bank Mellat. Persia International Bank PLC – Designated under E.O.13382 for being owned or controlled by Bank Mellat. Bank Saderat – Designated under E.O.13224 for providing services to terrorist organizations, including Hizballah. October 22, 2008 Export Development Bank of Iran (EDBI) – Designated under E.O.13382 for providing financial services to MODAFL. Banco Internacional de Desarrollo – Designated under E.O.13382 for being owned or controlled by EDBI.
    [Show full text]
  • FIN-2008-A002 Issued: March 20, 2008 Subject: Guidance to Financial Institutions on the Continuing Money Laundering Threat Involving Illicit Iranian Activity
    Advisory FIN-2008-A002 Issued: March 20, 2008 Subject: Guidance to Financial Institutions on the Continuing Money Laundering Threat Involving Illicit Iranian Activity The Financial Crimes Enforcement Network (FinCEN) is issuing this advisory to supplement information previously provided1 on serious deficiencies present in the anti-money laundering systems of the Islamic Republic of Iran. The Financial Action Task Force (FATF) stated in October 2007 that Iran’s lack of a comprehensive anti-money laundering and combating the financing of terrorism (AML/CFT) regime represents a significant vulnerability in the international financial system. In response to the FATF statement, Iran passed its first AML law in February 2008. The FATF, however, reiterated its concern about continuing deficiencies in Iran’s AML/CFT system in a statement on February 28, 2008. Further, on March 3, 2008, the United Nations Security Council passed Resolution 1803 (UNSCR 1803), calling on all states to exercise vigilance over activities of financial institutions in their territories with all banks domiciled in Iran and their branches and subsidiaries abroad. The FATF statement, combined with the UN’s specific call for vigilance, illustrates the increasing risk to the international financial system posed by the Iranian financial sector, including the Central Bank of Iran. Iran’s AML/CFT deficiencies are exacerbated by the Government of Iran’s continued attempts to conduct prohibited proliferation related activity and terrorist financing. Through state-owned banks, the Government of Iran disguises its involvement in proliferation and terrorism activities through an array of deceptive practices specifically designed to evade detection. The Central Bank of Iran and Iranian commercial banks have requested that their names be removed from global transactions in order to make it more difficult for intermediary financial institutions to determine the true parties in the transaction.
    [Show full text]
  • Annual Report Bank Mellat Turkey 2020
    ANNUAL REPORT BANK MELLAT TURKEY 2020 BANK MELLAT, HEAD OFFICE: TEHRAN, IRAN, ISTANBUL, TURKEY HQ, ANKARA AND IZMIR BRANCHES 2020 ANNUAL REPORT TABLE OF CONTENTS I. GENERAL PRINCIPLES WITH RESPECT TO THE ANNUAL REPORT II. CONTENTS OF THE ANNUAL REPORT A. Introduction 1. Summary Financial Information 2. Historical Development of the Branch 3. Shareholding Structure of the Branch 4. Changes in its Capital and Shareholding Structure During the Operating Period 5. Titles of Natural or Legal Persons who hold Qualified Shares and Information about Their Shares 6. Remarks Regarding the Shares, if any, Held by the Chairman and Members of the Board of Managers and General Manager and Deputy General Managers of the Branch 7. Remarks on the Operating Period made by the Chairman of the Board of Managers and General Manager and Their Prospects 8. Remarks Regarding the Staff, Number of Branches, Branch Service Type, Scope of Activities and Position in the Sector B. Information about the Management and Corporate Governance Practices 1. Board of Directors 2. Senior Management 3. Information About the Operations Conducted Pursuant to the Provisions of the Regulation on the Internal Systems of Banks and the Department Managers Regarding Internal Systems 4. Other Committees 5. Information Regarding the Practices Human Resources 6. Information about the transactions with the risk group in which the branch is included 6.1. Information about the credits extended to the risk group in which the branch is included 6.2. Information about deposit accounts owned by the risk group in which the branch is included 6.3. Information about the loans borrowed from the risk group in which the branch is included 6.4.
    [Show full text]