CBI orders banks to establish anti-money laundering units

October 30, 2019

TEHRAN – Central Bank of Iran has obliged all the country’s banks and credit institutions to establish anti-money laundering units, IRNA reported on Wednesday.

As per the law, anti-money laundering and terrorism financing units are required to regularly review and evaluate transactions and operations in the banks and credit institutions.

Banks and credit institutions are required to execute identification processes to classify their customers based on their risk levels according to CBI anti-money laundering and terrorism financing regulations, and implement identification procedures appropriate to this risk levels.

The Central Bank of Iran, as the regulator of all financial and credit institutions in the country, has been taking all necessary measures to provide the said institutions with the required infrastructures and to monitor their compliance with the rules and regulations pertain to money laundering.

The bank has dedicated a part of its website to anti-money laundering where "Laws", "Implementing regulations(By-laws)" ,"Instructions", "Circulars", "Translation of AML/CFT documents" and "Researches on AML/CFT" can be easily accessed by everyone.

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