The Iran Project

Bank transactions face closer scrutiny

Financial Tribune – Central Bank of Iran has required individual customers to provide documents showing the reason for transactions above 2 billion rials ($13,340 as per Sunday exchange rates).

This is said to be in line with renewed efforts to improve transparency and accountability of bank transactions, enforce stringent anti-money laundering measures and fight tax evasion, according to a bylaw issued by the CBI.

The executive bylaw is drawn from an amendment to the Anti-Money Laundering Law signed by the Cabinet in January, IRNA reported.

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