TD Bank has been closing the bank accounts of Iranian-Canadians across Canada since May 2012, and has yet to stop. The bank claims that the abrupt closure of these accounts is in accordance with federal economic sanctions against Iran — referencing changes made last November to the Special Economic (Iran) Regulations, which prohibit banks from providing financial services that benefit Iran or anyone in Iran.
This treatment of Iranian-Canadian citizens by TD bank is nothing short of discrimination. The issue here isn’t the legitimacy of the sanctions themselves, but how financial institutions such as TD have tried to implement Canada’s mandates, and in so doing have violated the civil rights of Canadian citizens.
TD officials have been quick to note that the bank “did not target any customers based on name or ethnicity.” Nevertheless, as Sukanya Pillay, the Canadian Civil Liberties national security director noted, “By implementing collective measures against individuals in Canada based on place of origin, we may be impairing Charter rights.”
Political science professor Ramin Jahanbegloo, an expert on modern Iranian politics, points out that Canada itself has historically had many cases of civil rights violations. “TD’s recent decision to close the bank accounts of some Iranian Canadian citizens is another case of treating unfairly some Canadian citizens,” he said in an interview. “All those Iranian-Canadians who do not collaborate with the Iranian regime have a vital interest in the threat posed by TD’s recent decision.”
A select few Iranian-Canadian customers have been able to “prove” their innocence and non-complicity with Iran and its government, and get their accounts reinstated. This presumption of guilt by TD concerning ordinary Canadian citizens violates yet another Charter mandate: all citizens are considered innocent until proven guilty.
In a statement to The Varsity, TD spokesperson Barbara Timmins confirmed that all bank accounts closed by TD in regard to sanctions belonged to customers who have provided or retained on their file an active residential or employment address in Iran and have conducted certain direct or indirect transactions for the benefit of someone in Iran. Yet, Iranian-Canadians have been shocked to receive letters from the bank even if they didn’t meet TD’s stated requirements for account termination.
Despite TD’s claims that they “attempted to reach all customers,” most Iranian-Canadians whose accounts have been closed appear to have had absolutely no prior notice or attempt to get in touch with them. Some individuals only receiving their notice letters after their debit and credit cards were declined.
TD’s policies set a very dangerous precedent for the treatment of Iranian-Canadians. It is essential that the Canadian government halt the activities of Iranian-Canadians with financial ties to Iran, but this does not justify TD bank’s discriminatory actions against innocent Iranian-Canadians who consider Canada their homeland, and have come here seeking refuge from Iran’s regime. The Canadian government needs to take action and clearly outline how sanctions against Iran should be enforced, and ensure throughout this process that no citizen whether Iranian, Canadian, or otherwise has their rights trampled.
