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Central Bank of Iran: Proof of Purpose a Must for Big Transactions

Central Bank of Iran: Proof of Purpose a Must for Big TransactionsCentral Bank of Iran: Proof of Purpose a Must for Big Transactions

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. 

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