Economy, Business And Markets

Need for Upgrading Banking Standards

Need for Upgrading Banking StandardsNeed for Upgrading Banking Standards

Iranian lenders have to upgrade their standards in order to be able to operate overseas in the post-sanctions era, said Ali Divandari, head of Monetary and Banking Research Institute. The research center is putting together the requirements of the banking sector when the international restrictions are lifted.

“International laws demand banks include stringent rules when it comes to fighting money laundering and terrorism financing.  Banks must also strengthen and update their supervision measures according to the international norms,” he was quoted by ILNA as saying.

Divandari pointed to the importance of electronic banking and stressed the necessity of domestic lenders’ collaboration with international partners and the banks in the neighboring countries. He also proposed offering debit cards by banks to inkling foreign tourists as an important area of electronic banking.

“Tourists are forced to carry cash when visiting Iran.  We have been working on the issue of providing them with bank cards for quite a while. However we could not take any effective decisions due to the international sanctions. After the lifting of sanctions the scheme will come into effect gradually.”