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### Viewing cable 08MADRID308, IRANIAN TIES OF SPANISH BANKS SANTANDER AND

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Reference ID | Created | Released | Classification | Origin
--- | --- | --- | --- | ---
08MADRID308 | 2008-03-12 17:36 | 2010-12-12 12:00 | SECRET//NOFORN | Embassy Madrid

`

    VZCZCXRO4720
    PP RUEHBC RUEHDE RUEHDIR RUEHKUK
    DE RUEHMD #0308/01 0721736
    ZNY SSSSS ZZH
    P 121736Z MAR 08 ZDK
    FM AMEMBASSY MADRID
    TO RUEHC/SECSTATE WASHDC PRIORITY 4472
    INFO RUEATRS/DEPT OF TREASURY WASHDC PRIORITY
    RUCNIRA/IRAN COLLECTIVE
    RUEHLA/AMCONSUL BARCELONA 3358

` `

    S E C R E T SECTION 01 OF 04 MADRID 000308

    SIPDIS

    C O R R E C T E D C O P Y - TAG

    NOFORN
    SIPDIS

    STATE FOR EEB/ESC

    E.O. 12958: DNG: CO 03/09/2018
    TAGS: ECON EFIN PTER PREL IR SP
    SUBJECT: IRANIAN TIES OF SPANISH BANKS SANTANDER AND
    SABADELL

    REF: A. MADRID 286
    ¶B. MADRID 285
    ¶C. MADRID 289
    ¶D. MADRID 294
    ¶E. TD-314/40895-07
    ¶F. TD-314/57798-07

    MADRID 00000000 001.2 OF 004

    Classified By: Ambassador Eduardo Aguirre for reasons 1.4 (b) and (d)

    ¶1. (S/NF) Summary. The Bank of Spain, Spain's central bank,
    provided to post on March 7 a document summarizing activities
    that Bank Santander and Bank Sabadell have had or still have
    with Iran. The document is based on information the Bank of
    Spain received from the two banks on March 6 in response to
    concerns raised by Treasury Deputy Secretary Kimmitt March 5.
    The document provides the most up-to-date information that
    any of post's sections has on these banks' relationships with
    Iranian banks. Bank Santander says it has taken steps to
    eliminate almost all of its activities in Iran, while
    Sabadell says it maintains its Tehran representative office
    in support of Spanish businesses but employs extremely
    stringent controls to guard against association with
    sanctioned entities. Para 6 contains the full text of the
    document. Post is seeking clarification on various points.
    End Summary.

    ¶2. (C/NF) Treasury Deputy Secretary Kimmitt raised in several
    of his meetings and public appearances in Madrid March 5-7
    (reftels) the danger to Spanish banks of maintaining links
    with Iranian banks. According to the February edition of
    Bankers Almanac, two Spanish banks, Santander and Sabadell,
    maintained correspondent relationships with Iranian banks:
    Santander with the Export Development Bank of Iran, Bank
    Melli (cited in UNSCR 1803), and Bank Sepah; and Sabadell
    with the Export Development Bank of Iran and Bank Refah.

    ¶3. (C/NF) In Deputy Secretary Kimmitt's March 5 meeting with
    Bank of Spain (central bank) Deputy Governor Jose Vinals (ref
    a), Vinals promised to have the Bank's banking supervision
    office discuss with Santander and Sabadell their
    relationships with Iranian banks. At a March 6 lunch, the
    President of Sabadell confirmed to the Deputy Secretary that
    the central bank had spoken with his bank that morning. On
    March 7, the Bank of Spain provided post with a document
    summarizing information that Sabadell and Santander conveyed
    to the Bank of Spain concerning their ties with Iranian
    banks.

    ¶4. (S/NF) This document contains information that is more
    recent than information post has from other sources, and is
    fully or almost fully consistent with the earlier information
    in refs e-f. Santander says it has almost entirely closed
    down its operations in Iran, save for an account with Iran's
    central bank (Markazi) and other residual activities. Post
    is pursuing clarification on these residual activities.

    ¶5. (S/NF) Bank Sabadell provided the Bank of Spain extensive
    detail on its controls and its interactions with Iranian
    banks, including correspondent relationships with more banks
    than those named in Bankers Almanac, one of which (Melli) was
    cited in UNSCR 1803. Bank Sabadell continues to operate a
    representative office in Iran to assist its Spanish clients
    in their export/import activities, but with what it says are
    very stringent controls to guard against interaction with
    prohibited entities. Post is following up to further clarify
    Sabadell's relationships with Iranian banks.

    ¶6. (SBU) The informal translation of the Bank of Spain
    document follows:

    INFORMATION COMMUNICATED BY BANK SANTANDER (TO BANK OF SPAIN)

    1) For 25 years, Bank Santander has maintained a small
    Representative Office in Tehran with three or four
    employees. Currently, the work of the said office is
    practically null based on the Santander Group's decision
    in the fall of 2007 to sever business relations with
    Iranian banks. However, the office has not yet been
    closed, among other reasons because the representative is
    still helping them (note: it is not clear who "them" is)
    to end the activity in an orderly manner.

    2) All the accounts with Iranian banks, except Markazi
    (the central bank of Iran) have been closed. The
    accounts with Banks Sepah and Saderat were closed down in
    April, 2007, and the rest of the accounts were closed
    before the end of 2007. In the case of Bank Sepah,

    MADRID 00000000 002.2 OF 004

    Sepah's funds were frozen, based on EC Rules 423/2007 of
    April 19 and 441/2007 of April 20. SEPBLAC (Spain's FIU)
    and the Ministry of Economy and Finance,s Directorate
    General of the Treasury were promptly notified of these
    actions.

    3) In the past, (Santander) operations were always
    entirely commercial in nature and practically all covered
    by CESCE (Spain's official export credit guarantee
    company). Additionally, there were interbank deposits
    primarily from bank Markazi with Santander's treasury in
    Madrid. Santander's decision taken the last quarter of
    2007 was to reduce to zero commercial activity with Iran,
    including deposits and any other services. The deposits,
    including those from bank Markazi, have not been renewed
    past their expiration dates. Operations were always
    subject to money laundering and terrorism finance
    prevention procedures. Currently, supervision of
    residual banking activities is being undertaken with
    extreme care.

    4) There are some long-term operations that still
    exist that were initiated before the decision to cut ties
    with Iranian banks were made and that cannot be
    cancelled.

    5) Between August 2006 and April 2007, Santander
    exchanged numerous letters with the SEC (Division of
    Corporate Finance - Office of Global Security Risk) in
    which Santander gave detailed information about its
    representative office and about its activities in Iran.
    The SEC initially requested that Santander's 20-F include
    a warning notice about its relationship with certain
    (Iranian) banks. Finally, when Santander decided to cut
    relations and shut down the accounts of Sepah and
    Saderat, the SEC appeared satisfied with this action and
    it was deemed unnecessary that Santander include a notice
    in its 20-F.

    INFORMATION COMMUNICATED BY BANK SABADELL

    Representative Office in Iran

    Banco Sabadell has a representative office in Iran,
    located at Ahmad Ghasir, Bucarest Ave, Tehran. On
    October 2, 1998, Bank Sabadell applied to Bank Markazi
    Jomhouri Islami Iran to open the office, and it was
    approved on November 2, 1998. The office was officially
    inaugurated on November 1, 1999.

    The mission of the branch is to assist solvent and well-
    known Spanish businesses - businesses that are clients
    from (Bank Sabadell's) domestic network in Spain - in
    their efforts to develop foreign trade with Iran.
    (following sentence underlined) A representative office
    does not undertake any type of banking operations.

    The office develops commercial activities with:

    - Spanish businesses with affiliates in Iran
    - Spanish businesses exporting products and/or
    services to Iran
    - Spanish businesses importing Iranian products or
    services
    - Spanish businesses without a permanent physical
    presence in Iran during their business trips to Iran

    The services offered are:

    - Advising clients on their official credit projects
    - Assistance with commercial financing
    - Banking advice related to foreign investment
    - Local support to Spanish businesses participating in
    sectoral or multi-sectoral commercial missions
    - Monitoring and coordination of business of clients
    in Iran

    Type of Operations Conducted by Bank Sabadell

    Based on a very restrictive framework of the operations
    that any relationship with Iran can have, Bank Sabadell
    has limited its operations to those transactions (following
    phrase underlined) in which at least one of the parties
    involved is a direct and known client of Bank Sabadell
    itself. In other words, Sabadell does not carry out any
    kind of operation between persons or entities if none of

    MADRID 00000000 003.2 OF 004

    them are its clients. The funds movements the Bank can
    carry out consist solely of debiting or crediting the
    account of a client. (following sentence underlined)This
    restriction is applied rigorously to the correspondence
    regime,
    and Sabadell rejects payment orders to non-client third
    parties.
    Of those client activities centered on export and import,
    the majority (about 92 percent during 2007) (following phrase
    underlined) are import payments for petroleum from a large
    Spanish petroleum company.

    Controls

    The following controls are applied to all operations:

    1) Comparison of the parties involved in a given operation
    with the lists of blocked persons and entities. The
    lists used for this purpose are the OFAC, UN, and EU
    lists, which are periodically updated. Sabadell's
    Compliance Office monitors on a daily basis new measures
    and legislative actions relating to Iran at both the
    national and international (United States, EU, and UN)
    levels.

    Any type of relationship with entities on the
    abovementioned lists were cancelled whenever they occurred.

    2) For each documented operation, a certification is
    required from the client of the Bank that is the importer
    or exporter, in which it is expressly stated that the
    said merchandise is not subject to any restrictions or
    limitations, nor on the list of merchandise prohibited by
    regulations published by the European Union and other
    international organizations.

    3) Additionally, a new control was recently added and
    is already in the execution phase: for clients that
    maintain relationships with Iran, Bank Sabadell applies
    heightened scrutiny and attention with regards to the
    following areas: (i) knowledge about the Banco Sabadell
    client (ii) knowledge about its Iranian counterpart,
    (iii) knowledge about the commercial relationship and the
    destination of any goods that may be exported; and (iv)
    knowledge by our client is aware of the applicable norms
    related to commercial operations with Iran.

    Periodically, Bank Sabadell conducts a follow-up on
    clients that have had operations with Iran for an amount
    greater than 15,000 euros (annually) and ensures that
    these clients have been subjected to the rigorous
    scrutiny discussed in the paragraph above.

    4) The SIOPEIA anti-money laundering system of
    investigating suspicious operations also provides a
    greater penalty for all those operations in which an
    Iranian person or entity (national or resident) may be
    involved.

    All these measures are subjected to constant review to
    update them in compliance with new developments or new
    legislative measures.

    Chart Received From Bank Sabadell On Correspondent
    Relationships

    Correspondent Relationships with Iranian Banks as of
    March 6, 2008

    VOSTRO Accounts (Also implies exchange of SWIFT codes)

    -Bank Markazi Jomhouri Islami Iran
    Currency: USD/EUR
    Blocked: operative block* since 1995

    -Export Development Bank of Iran
    Currency: USD/EUR
    Blocked: operative block since 1995

    -Bank Refah Kargaran
    Currency: EUR
    Blocked: operative block since 1995

    -Bank Melli Iran
    Currency: EUR
    Blocked: operative block since 1995, total block for new
    operations since mid-2007

    MADRID 00000000 004.2 OF 004

    -Bank Mellat
    Currency: EUR
    Blocked: operative block since 1995, total block for new
    operations since mid-2007

    *Note: Under an operative block, operations can not occur
    automatically. A special authorization is required for any
    operation to occur.
    AGUIRRE

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