Topic Measures Bank Sepah–Iran, Frankfurt Branch: BaFin imposes lending prohibition

Date: 14.11.2017, updated on: 12.12.2017

On 12 September 2017, the Federal Financial Supervisory Authority (Bundesanstalt für FinanzdienstleistungsaufsichtBaFin) issued an order to Bank Sepah-Iran, Frankfurt Branch, prohibiting the institution from lending until further notice. BaFin had identified contraventions of re-quirements for a proper business organisation within the meaning of sec-tion 25a (1) of the Banking Act (Kreditwesengesetz – KWG).

The basis for the administrative order is section 45b (1) no. 3 of the KWG.

The order became final on 13 October 2017.

Due to the fact that the institution now complies with the requirements of the four-eye principle, BaFin fully lifted the lending prohibition on 6 December 2017.

Did you find this article helpful?

We appreciate your feedback

* Mandatory field