Transfers governed by Council Regulation (EU) No 267/2012 on restrictive measures against Iran as amended by Council Regulation (EU) No 1263/2012 

Council Regulation (EU) No 1263/2012 of 21 December 2012 amends Council Regulation (EU) No 267/2012. Council Regulation (EU) No 267/2012 as amended (the Regulation) contains newly inserted Articles 30, 30a and 30b.

Article 30

Under Article 30 of the Regulation it is prohibited for EU credit and financial institutions to transfer funds to or from credit and financial institutions and bureaux de change domiciled in Iran, to or from branches and subsidiaries of credit and financial institutions domiciled in Iran or credit and financial institutions and bureaux de change not domiciled in Iran but controlled by persons, entities or bodies domiciled in Iran except  with the prior authority of the competent authority in the relevant Member State and subject to the following exemptions:

  • No prior authorisation is required for transfers of funds due on transactions regarding foodstuffs, healthcare, medical equipment, or for agricultural or humanitarian purposes under €100,000.00.  If that transfer concerns an amount equal to or above €10,000.00 it shall be notified in advance to the competent authority.
  • No prior authorisation is required for transfers of funds regarding personal remittances under €40,000.00.  If that transfer concerns an amount equal to or above €10,000.00 it shall be notified in advance to the competent authority.
  • No prior authorisation is required for a transfer under €10,000.

Article 30a

All other transfers of funds to and from an Iranian person, entity or body shall be processed in accordance with Articles 30a and 30b of the Regulation as follows:

  • Transfers of funds due on transactions regarding foodstuffs, healthcare, medical equipment, or for agricultural or humanitarian purposes shall be carried out without any prior authorisation. If that transfer concerns an amount equal to or above €10,000.00 details shall be notified in advance to the Central Bank.
  • Relevant transfers of funds involving amounts greater than €10,000.00, but below €40,000.00 shall be notified in advance to the Central Bank.
  • Transfers of funds concerning amounts of €40,000.00 or greater, shall require a prior authorisation from the Central Bank.

Operations which appear to be linked 

Articles 30 and 30a apply to transfers of funds regardless of whether the transfer of funds is executed in a single operation or in several operations which appear to be linked.  Article 30b 2 of the Regulation defines “operations which appear to be linked”

Application Forms 

In order to facilitate the operation of an efficient notification and prior authorisation regime, in accordance with the measures outlined above, please contact the Central Bank to obtain the relevant application form.  Forms are available for both notifications in advance and prior authorisation requests. You are required to use the appropriate form when supplying a notification in advance or making an application for prior authorisation. Please refer to the Regulation for details on how notifications in advance and prior authorisations are to be made to the Central Bank and processed.