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Cases Open for Illegal Banks, Institutions

Cases Open for Illegal Banks, Institutions Cases Open for Illegal Banks, Institutions

A disciplinary committee has been tasked with addressing illegal activities of a bank and five credit institutions, Fars news agency reported Monday, citing an informed source.  The case related to a bank formerly known as Tat Bank which later merged with two other financial institutions to form Ayandeh Bank has been investigated, the source who was not identified said.  According to Article 44 of the Monetary and Banking Act, breaching any of the banking regulations will entail the following consequences: firstly managers or employees responsible for misconducts shall receive formal notices. Next, violators will be required to pay fines. And finally, the bank or credit institutions involved in the illegal action could temporarily or permanently be banned from holding any other banking positions.

Financialtribune.com