Info:
Has provided financial services to entities in Iran’s defense sector. Provided financial services to Iran’s Ministry of Defense and Armed Forces Logistics (MODAFL) and Iran Aircraft Manufacturing Industrial Company (HESA). Facilitated millions of dollars of purchases by MODAFL of weapons-related items, including missiles and tanks, as well as items that enabled Iran to maintain of its fighter jets and submarines. Facilitated payments from HESA to companies and individuals involved in weapons-related procurement for Iran. Processed outstanding transactions for Bank Melli following the sanctions imposed on Bank Melli by the European Union;
In previous years according to Bank report, Iran government was one of the shareholders in Bank Refah. According to new reports of Bank Refah, Social Securit Organization is the main shareholder of the bank;
North European Bank is co-owned by Bank Saderat Iran, the Export Development Bank of Iran (EDBI), and Bank Refah Kargaran, with Bank Saderat Iran holding a 37% stake, the EDBI holding a 23% stake, and Bank Refah Kargaran holding a 40% stake;
As part of the re-imposition of U.S. sanctions on Iran, added on November 5, 2018 to the Specially Designated Nationals (SDN) list maintained by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), freezing its assets under U.S. jurisdiction and prohibiting transactions with U.S. parties, pursuant to Executive Order 13599, which targets entities controlled by the Government of Iran and Iranian financial institutions;
Previously appeared on the SDN list, pursuant to Executive Order 13382, which targets proliferators of weapons of mass destruction (WMD) and their delivery systems;
Industry:
Banking Sector
Involved In:
Nuclear Weapon Program
Missile Weapon Program
Military Weapon Program
Also Known As:
Workers Welfare Bank
Bank Refah
Banque Refah
Bank Refah Karegaran
R.K. Bank
Refah Bank
Refah Kargaran Bank
Workers’ Welfare Bank (of Iran)
BRK
Established:
1960
Country:
Iran
Address:
– Moffettah No. 125, P.O. Box 15815-1866, Tehran, Iran
– No.125- Mofatteh Cross- Taleghani Ave.- Tehran, Iran
– 40, North Shiraz Street, Mollasadra Ave., Vanak Sq., Tehran, Iran
Phone:
+98-21-88042875
E-Mail:
info@bankrefah.ir
Web Site:
www.refah-bank.ir
www.bankrefah.ir
Person of interests:
Dr. Ali Sedghi (CEO);
Dr. Mohammad Hossein Mahdavi Adeli (board chairman);
Reason for the color:
» Added to the Specially Designated Nationals (SDN) list maintained by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) on October 8, 2020 pursuant to Executive Order 13902, which provides authority to identify and impose sanctions on key sectors of Iran’s economy in order to deny the Iranian government financial resources that may be used to fund and support its nuclear program, missile development, terrorism and terrorist proxy networks, and malign regional influence;
Under the provisions of E.O. 13902, the Secretary of the Treasury identified the financial sector of Iran’s economy as an additional avenue that funds the Iranian government’s malign activities;
» Added to the Specially Designated Nationals (SDN) list maintained by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) on November 05, 2018 pursuant to Executive Order 13382;
» Removed from the SDN list in January 2016 as part of the Joint Comprehensive Plan of Action, but identified as a part of the Government of Iran, prohibiting transactions with U.S. parties;
» Added to the Specially Designated Nationals (SDN) list maintained by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) on February 17, 2011, pursuant to Executive Order 13382, which targets proliferators of weapons of mass destruction (WMD) and their delivery systems;
» Removed from the E.U. list in January 2016 as part of the Joint Comprehensive Plan of Action;
» Listed by the European Union on July 26, 2010 as an entity linked to Iran’s proliferation-sensitive nuclear activities or Iran’s development of nuclear weapon delivery systems;
» Listed by the British government in 2015 as an entity of potential concern for WMD-related procurement;