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Each one tells a different story, like when you enter data in the system
It does not allow it, or it rejects it. That there are restrictions.
that it is forbidden by the Bank of Spain...
International sanctions...
Swift closed for them... that does seem true.
But the Bank of Spain I cannot say the have said Iranians no
I could be
That they've said it? But don't they put it in writing?
Well no, there are many unofficial things between...
between the Bank of Spain and banks
And then there are internal agreements that maybe they prefer that for
the foreign community it is not appropriate they know the Bank of Spain bans Iranians
and so, agreements the Bank of Spain has with banks, they follow
the norm...and...is an agreement between them
do they agree over a coffee?
Not sure if over a coffee or holding a supermeeting but what I mean is that
it is possible that there are agreements that they prefer are not made public, but
that they have to be complied with because the Bank of Spain demands it in one way or another
and that each bank assumes as their own norm
When it is not really an own norm but a norm that comes form the Bank of Spain
But to put it writing would be politically incorrect, of course
to say -not a single Iranian-
It think it would be politically incorrect I think, but thenagain,
there are many things that banks do that in reality, they are not written anywhere
because if was once agreed in a Bank of Spain meeting that it should be done this way
Ok, ok, I understand and do you get this instructions?
It has not happened to us
But also, when you enter data in they system that says Iranian national it tells you...it is as easy as to say
BBVA and other banks cut off the system when you enter a nationality
And you cannot register it
Well, I suppose that you intermediate
Yes, we are lawyers...
emm, we have many Russian agents, who provide the clients
We give them finance to buy, That is, with Russians no probs
IRANIANS?? NOT A SINGLE ONE!
We do not accept transfers from Iran so, if your clients are Iranian
You cannot open an account here.
Ok, but, why, what is the reason?
Because they cannot receive money from there.
But maybe they live in Morocco, an Iranian living in Morocco?
It's never happened to me.
Or an Iranian living in England?
Don't know. I know that transfer from Iran cannot be accepted...now, open
accounts for Iranians, I can ask. I don't know if just for being Iranians then
they need to come with a specific documentation...don't know
what to say
But you don't have a specific general ban for being from Iran do you?
For being Iranians I don´t know, but to receive funds from Iran...
That I understand because, of course, the sanctions on money transfers
that affects, but to the extent that the Bank of Spain says that Iranians
can buy property in Spain and...
We ask and we will see...
Well, the thing is that we are interested because also now,
the new investors law for foreigners is out, and maybe many potential clients will arrive
from Iran. We have been in Iran. We have been several times. We work with them.
I know I know..and so, do other banks also have issues?
Yes, also
But due to transfers, or nationality?
Nationality.
Also? it may be something regulated nationwide, I imagine
Because as I say, I have not had a single Iranian client
Well look, we wish to open accounts We have Iranian clients
To open bank accounts for them
I know that in Fuengirola there is an Iranian community, I wonder if you knew how
Because in Estepona we were not able
I know but...
Are they residents?
They are non-residents
We cannot. No.... No.
You cannot...Any reason?
No, just that they are non-residents in the European Union
And so they need to justify income
Well, I have all the financial documentation
I tell you that this stuff is complex with Savings banks, better go to banks
Is it forbidden, perhaps?
Not forbidden, is just that there are restrictions by the Bank of Spain
Because every time a transfer arrives or funds, we need to enter, justify...
Otherwise bank accounts are blocked... a complicated thing
And if they are residents of another country? In Dubai?
Even worse! Because Dubai is a tax haven. It's as if you told me Cayman
I know that the swift is closed for them
I am not saying that they will not be opened but we need to give many explanations
Let me tell you something, it is possible that a bank
that has more presence abroad than a Savings bank...
Ok, no problem, thanks a lot
The thing is that for clients, we are looking to see what banks will work with them
and which ones won't Because we never get clear information
I know, there is a lot of fear, with that norm
Ah, a norm by the banks? Of course, fear by the banks?
The Bank of Spain will have passed that law that you cannot receive
transfers, but has not said anything else, it has not banned opening an account.
I know, but if the bank accepts opening the account we know that the Bank of Spain
is keeping an eye, controls transfers, if they really come from Iran, or they don´t come...
But if they come from third countries and we justify that the monies are from him?
Because he has a contract to provide services, or...
Don't know...let me check