# The Iran (European Community Financial Sanctions) Regulations 2007, Paragraph 2

Extent: E+W+S+N.I.

(1) A relevant institution must as soon as practicable inform the Treasury if it knows or suspects that a relevant person—
(a) is a designated person;
(b) is acting on behalf or at the direction of a designated person;
(c) is owned or controlled by a designated person; or
(d) has committed an offence under regulation 6, 7, 9 or 10.
(2) A relevant institution, where it informs the Treasury under sub-paragraph (1), must state—
(a) the information or other matter on which the knowledge or suspicion is based;
(b) any information it holds about the relevant person by which the person can be identified; and
(c) the nature and amount or quantity of any funds or economic resources held by the relevant institution for the relevant person since these Regulations came into force.
(3) A relevant institution must inform the Treasury without delay if it credits a frozen account in accordance with regulation 8(2).
(4) A relevant institution which fails to comply with a requirement in sub-paragraph (1), (2) or (3) is guilty of an offence.
(5) In this paragraph, “relevant person” means—
(a) a customer of the institution;
(b) a person who has been a customer of the institution at any time on or after 20th April 2007 ; or
(c) a person with whom the institution has had dealings in the course of its business since that date.

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Source: https://www.legislation.gov.uk/uksi/2007/1374/schedule/paragraph/2 (the official version)
Page: https://openlegislation.uk/iran-european-community-financial-sanctions-regulations-2007/schedule/paragraph-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.