Dear John,
For over a decade, NIAC has been fighting to end discrimination by banks against Iranian Americans and collected countless heartbreaking stories from members of our community – including students, green card holders, and long-term U.S. citizens – that banks shuttered their accounts with little or no warning, solely on the basis of their Iranian heritage.
Due to an over-enforcement of U.S. sanctions on Iran, banks are so afraid of big fines that they have made discriminating against ordinary people here in the United States a common, everyday practice. A lawsuit [[link removed]] against Bank of America recently revealed that these unjust account closures impacted more than 15,000 Iranian Americans. And that’s just one bank.
But today, we are pleased to share a promising update – the Department of Treasury and the Financial Crimes Enforcement Network has proposed a rule to strengthen and modernize the way that banks conduct their Anti-Money Laundering (AML) and Countering the Finance of Terrorism (CFT) Programs. These are the very programs which have perpetuated banking discrimination against our community – along with sweeping U.S. sanctions against Iran and legislation like the Patriot Act. Amending these programs is also a starting point for finally shifting policy to our community’s benefit.
After years of conversations with the banks themselves, legislators, and the U.S. government, we are glad to see the needle finally starting to move on this issue. However, there remains much more to be accomplished, which is precisely what we outlined in a public comment we submitted to the Department of Treasury on this proposed rule. You can read our full comment here [[link removed]] .
We are working to build on this progress and need your help. If you have been impacted by discriminatory banking practices, you have an opportunity to tell your story. The Department of Treasury is still accepting comments until September 3, 2024.
>> Tell your story: submit a comment to the Department of Treasury [[link removed]]
>> Donate to support efforts to stop banking discrimination against Iranian Americans [[link removed]]
Thank you,
Jamal Abdi President, NIAC[[link removed]]
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