Business And Markets

Restrictions on Bank Activities of Minors

In line with plans to enforce anti-money laundering principles, the Central Bank of Iran imposed new restrictions on banking transactions of minor clients.
In a bylaw sent to banks and credit institutions, the CBI limited the banking transactions for clients of under 18 years of age up to 150 million rials daily. 
The restrictions also prohibit minor clients from undertaking banking transactions worth no more than 500 million rials in one month. Restrictions also cover transactions conducted on online payment platforms. 
For transactions done personally at bank branches, a “legal representative” is required to accompany the under-18-year-old clients. 


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