Bank of Hawaii has decided to re-open bank accounts of Iranian customers living in the US, in order to stay away from discrimination litigations towards the nationals.
National Iranian American Council (NIAC), a non-profit organisation dedicated to advancing the interests of the Iranian-American community, advisory board member, Dr Farideh Farhi, said that Bank of Hawaii had earlier terminated the accounts to comply with US financial sanctions against Iran.
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Bank of Hawaii said it has developed a solution to allow it to once again make accounts available to Iranian residents, after successful consultations with its technology providers, regulators and advocacy groups such as NIAC.
"As part of the solution, areas where access will need to be restricted are banking-by-mail and transactions over the telephone. Access through debit cards, checks, ATMs and over the internet will be available while the customers are in the US.
"Bank of Hawaii strongly values its relationship with our Iranian customers and with the Iranian-American community, and we regret any inconvenience this has caused," the bank added.
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