Financial Tribune – Bank clients in Iran henceforth are obliged to provide authentic and verifiable documents regarding the purpose of large transactions, the Central Bank of Iran of Iran said in a notice.
As per the notice published on the CBI website Monday, banks can handle transactions above 10 billion rials ($74,000) if and when the purpose of the transaction is stated and all relevant documents are presented.
Banks also must keep a copy of the documents. Officers from the CBI Office for Supervision and the Anti-money Laundering Department will control the lenders’ obedience to the law.
The measure is in line with the CBI policy to implement AML regulations in the banking sector.