As Donald Trump in may of this year from the nuclear deal with Iran exit, swore by the EU and Germany, to obtain the agreement of the life. The EU reacted even with a "blocking the law," the European company with legal action threatened if they were to comply with the restored U.S. sanctions.

The reality is: It does not work. German banks refuse increasingly, payments by Iranian banks to accept – the fear of the USA is clearly greater than the respect for the EU. Iran-related payments are a sensitive topic: banks face high fines if they violate US sanctions. Commerzbank paid in 2015, for example, € 1.2 billion for prohibited Iran-deal, in the case of the French Bank BNP Paribas, there were even nine billion euros. Apart from the exorbitant fines on European banks for sanctions violations, may be excluded from all Dollar transactions, which can lead to sustainable losses. The Person

Seyfi Günay, senior Director for financial crime and terrorism at LexisNexis Risk Solutions. Prior to his work at LexisNexis Risk Solutions Günay was in the case of Standard & Poor’s Ratings, where he led the sales and marketing team for Emerging Markets.

Hardly any German banks wrap payments with Iran

For Iranian banks in the international payment traffic is restricted already strong, especially in Germany. There savings banks, public banks and small private banks have conducted so far, the payments for Iran transactions. In the Wake of the U.S. sanctions, many banks are pulling back, however. The regional Bank, Helaba, DZ Bank and Deutsche Bank have set together with other major banks, already some time ago, payments to Iran. Only 40 to 50 of the 900 German cooperative banks payments in connection with the Iranian transactions process. Information of Bank Melli Iran, are alone rejected in Germany, 80 to 85 percent of all payment requests from Iran.

there is also concern the future of Swift, supported by many international transactions, and its headquarters in Belgium. The United States have not ruled out an exception for Swift on that one, but so far, no special treatment.

the sanctions are therefore primarily affected companies that do business with Iran have made and now no Bank will be able to transfer the money to Europe or Germany. Some German small and medium-sized exporters with a potential bankruptcy looming.

The nuclear deal by 2015 should be to prevent Tehran from building nuclear weapons and was against the removal of economic sanctions. EU companies, especially German and French companies like Volkswagen, Total, and Airbus have made of the new trade opportunities, and increasingly in the Iranian market and investing.

For European companies billions in the game. Already now, German exports to Iran are indications of the DIHK, according to an 18 percent decreased since Trump in may has again announced the introduction of the sanctions. The European Union is therefore working feverishly on a financial instrument, before in November the second wave of US sanctions rolls – this time with the aim of the international payment transactions with Iran to cripple.

The introduction of a financing instrument could be the remedy

China, Russia and the EU are now planning to circumvent the sanctions of the United States by creating a so-called SPV (Special Purpose Vehicle or SPV), to facilitate financial transactions with Iran.

The purpose of this financial institution would be alone, away from the usual financial channels of payments for transactions with Tehran process and in order to circumvent U.S. sanctions against Iran. The Institution would function as a kind of exchange, in the financial claims of Iranian and European companies, would be charged. The deal with Iran would thus be decoupled from the global financial system, which is designed to protect banks from the sanctions – at least in theory.

in fact, the European Union is faced with a big challenge: The interests of banks, to be part of this financing system, is lower than I thought. Many assume that the United States approve of the SPV and participation are acknowledged with high penalties. For the success of this payment mechanism Agreement is subject to the financial institutions, however, essential. Also, only a few banks refuse your cooperation, it is a challenge for European businesses to take advantage of the barter system.

For the long-term success of the SPV is, however, not only the full support of banks, but also the introduction and enforcement of an effective compliance management system. To maintain Compliance Standards – both national and international level, requires flexible solutions to keep pace with the increasingly complex regulatory requirements step.

One thing, however, cannot decrease, even the best compliance management System in financial institutions: The decision to continue with the Iran trade, or any business relationship completely freeze, you must still meet. In the end, not only companies and banks in Germany and Europe, thus, to choose a side – and earlier than you would like.