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Regulations for Dormant Accounts

Regulations for Dormant AccountsRegulations for Dormant Accounts

In order to improve banks’ financial transparency and prevent any abuse, the Central Bank of Iran has for the first time formulated regulations to identify and manage banks and credit institutions’ dormant accounts, the bank’s official website reported. In recent years, the deposit accounts of banks and credit institutions have increased, with a considerable number of them remaining inactive for a long time. For instance, many of these accounts have lost their value due to rising inflation or the owner has stopped using the account. Therefore, CBI’s measures seek to protect the rights of account owners, prevent any attempt to misuse those accounts while setting up a unified accounting system for banks regarding dormant accounts. Dormant accounts’ regulations were passed on August 8 by the Money and Credit Council.

 

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