Iranian Banks Ordered to Monitor High-Value Transactions

Lawmakers on Wednesday approved one more amendment to the next year’s (March 2019-20) budget bill that requires monitoring high-value banking transactions. The measures come as an attempt to fight money laundering and prevent tax evasion, the parliamentary news website ICANA reported. 
As per the amendment, to help enhance transparency of banking transactions, combat money laundering and prevent tax evasion, the Central Bank of Iran is allowed to block bank accounts which lack a national ID number a month after the implementation of the new law. 
Accordingly, banks and monetary and credit institutions are obliged to provide the Iranian National Tax Administration data about bank accounts and transactions (both interbank and intra-bank) of tax payers on a monthly basis.