State Street censured over pensions payments breach of US Iran sanctions

State Street Bank and Trust Co., the US custodian bank, has received a “finding of violation” of the US Iran Transactions and Sanctions Regulations, but no financial penalty, after it processed upwards of 45 pension payments, totalling US$11,365,44, for a member of a customer’s employee retirement scheme, who, although a US citizen with a US bank account, was resident in Iran. [1]