Financial Tribune – The CBI bylaw obliges non-bank credit institutions and moneychangers to participate in risk identification and risk management processes by assessing data during business interaction with customers
An executive bylaw of the Central Bank of Iran has made it mandatory for banks and credit institutions to create special units to deal exclusively with possible money laundering issues.
The bylaw was issued after the government’s move earlier this month to ratify an amendment to the Anti-Money Laundering and Countering the Financing of Terrorism Law.
As reported by IRNA, the new AML Law is a revision of previous money-laundering rules to make it compatible with new developments and circumstances.
To manage potential risks emanating from possible money-laundering and terrorism funding, lenders are obliged to critically asses and identify the risks before giving financial services.
AML units will decide whether or not to offer services based on the assessed risks.