Iran funds flowed through US banks: Report

Washington, Sep 6 Billions of dollars connected to Iran are passing through accounts at American banks each year despite sweeping US sanctions intended to isolate Tehran from the global financial system, according to a media investigation published on Sunday. Iran gains indirect access to dollar-clearing accounts through foreign banks with relationships with American financial institutions, The Wall Street Journal reported, citing Western officials, researchers and banking records. The transactions use correspondent banking, a system through which banks process cross-border payments for financial institutions that do not have a direct presence in the United States, the financial daily reported. Iranian entities…