This weblog has been updated on regular bases at least few times a month

RDC’s Iran Connect Assists with State Level CISADA Compliance

Posted by alanmirs on August 4, 2011


Aug. 3, 2011, 3:41 p.m. EDT

RDC’s Iran Connect Assists with State Level CISADA Compliance

Companies & Financial Institutions Contracting with California and Florida Face Additional Compliance Burdens



WILMINGTON, Del., Aug 03, 2011 (BUSINESS WIRE) — Following the recent enactment of legislation in California and Florida prohibiting contracting companies from engaging in business with Iran’s energy sector, Regulatory DataCorp, Inc. (RDC), a leading global provider of decision-ready intelligence and risk and compliance protection services, is advising financial institutions and corporations that their state contracts may be at risk if they are not in compliance with these new laws. RDC’s Iran Connect(TM) product, the first solution to market last year specifically focused on CISADA compliance, is the industry’s leading solution for corporations and financial institutions impacted by these regulations.

“Companies have to know who they are doing business with, and that is becoming more and more complicated,” said Thomas Obermaier, Chief Executive Officer of RDC. “With nearly a dozen states already adopting legislation divesting public pension investments from firms tied to Iran and 20 more considering similar action, companies and financial institutions have an imminent need to stay abreast of and comply with these mounting requirements.”

Although U.S. authorities have for many years identified and sanctioned Iranian front-companies, these new state laws significantly expand the due diligence obligation for their contractors. At present, the U.S. Treasury Department has named 60 Iranian Revolutionary Guard Corps (IRGC) affiliates and Iran-linked financial institutions, but in reality each of these entities may in turn have thousands of financial or business relationships. The new California and Florida laws now impose a potentially overwhelming compliance burden. Without expert assistance, untangling the intricate web of these Iranian relationships can require time-consuming, in-depth, and often costly manual research.

“Since the enactment of global, federal, and now state sanctions targeting the sale of products, services, and technology that would enhance Iran’s petroleum sector, the stakes continue to rise. Ignorance could prove to be an extremely costly mistake,” added Obermaier.

Read More


Sorry, the comment form is closed at this time.

%d bloggers like this: