Business And Markets

All Banks Must Create AML/CFT Departments

Anti-money laundering departments are obliged to oversee all transactions conducted by banks and report dodgy deals and violations of AML rules to the CBI and other relevant bodies
All Banks Must Create AML/CFT Departments
All Banks Must Create AML/CFT Departments

The Central Bank of Iran on Sunday announced rules for independent anti-money laundering (AML) and counterterrorist financing department for all banks and credit institutions.
As per a press release published on central bank's website, 
Banks and credit institutions henceforth must set up the department as an independent unit that must be included in the organizational chart of banks as a first-in-command operational unit. 
The structure of the AML/CFT unit must be first approved by the bank board of directors and after that be sent to the CBI.


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