Description of the Central Bank of I.R. of Iran on anti-money laundering measures According to Central Bank of I.R of Irans Public Relations, the director of the Anti-Money Laundering Division, during the press conference with the mass media reporters, explained the anti-money laundering measures, including approval and announcement of 10 new implementing instructions to the banking system and preparing three other instructions
According to Central Bank of I.R of Iran's Public Relations, the director of the Anti-Money Laundering Division, during the press conference with the mass media reporters, explained the anti-money laundering measures, including approval and announcement of 10 new implementing instructions to the banking system and preparing three other instructions. Mr. Arjomandnezhad divided practical measures to combat money laundering in two phases: before and after the anti-money laundering legislation. He said the anti-money laundering regulations in financial institutions had been codified by of the Money and Credit Council before ratification of the anti-money laundering legislation, and the banks and credit institutions were obliged to apply them; also in 2005, the implementing instructions of these regulations advised to the said network.
He mentioned the creation of mechanisms for the relationship between the banking system and Financial Information Unit (FIU) as another measure aiming at implementation of the anti-money laundering by- law.
How to know Iranian customers, how to report cash settlements in excess of the prescribed ceiling, reporting of suspicious transactions, how to determine the expected level of customer activity in credit institutions, and regulations to combat money laundering in the field of electronic banking and payment systems were among the ten anti-money laundering implementing instructions that Mr Arjomandnezhad pointed to. He outlined five other implementing instructions to combat money laundering: need to combat money laundering in corresponding relations and identification of shell banks, how to take care of suspected persons, how to send customers documents to their mailing addresses, necessary measures in offshore units, and regulations concerning duration and keeping banking documents which approved by the Monetary and Credit Council.
He cited these ten cases among others as banking infrastructure to combat money laundering, and in connection with other measures pointed to training the banking personnel, providing necessary information and making culture, and supporting graduate thesis in the field of combating money laundering.
In response to a reporter's question about the topics of the three other instructions under preparation, he pointed to instructions on how to identify foreign customers, how to apply especial supervision to the foreign political parties in credit institutions, and anti-money laundering regulations in foreign exchange shops. Then he said the implementation of anti-money laundering law and regulations will not create problems to the people.