Money laundering means concealing revenues from crime. Money laundering makes crimes undetectable. Criminals do more damage by increasing their criminal activities with these revenues. Countries struggle with money laundering to prevent these criminal activities. The Islamic Republic of Iran is among the countries aware of the risks of money laundering. The Islamic Republic of Iran has accepted money laundering as a crime and took precautions with Anti-Money Laundering laws and regulations.
The Central Bank of the Islamic Republic of Iran (CBI) is Iran's financial regulator. The Central Bank of the Islamic Republic of Iran (CBI) is responsible for organizing and supervising banks and financial institutions. The Central Bank of the Islamic Republic of Iran (CBI) 's responsibilities include protecting and preventing the Iranian financial system from financial crimes. Iran's Anti-Money Laundering Law came into force on February 6, 2008. The law includes money laundering crime and measures to prevent it.
AML Requirements in Iran
Know Your Customer and Customer Due Diligence
Organizations have to identify and verify the customer's identity before opening an account or performing the customer transaction. Organizations determine the risk level of the customer by making necessary controls. High-risk customers can pose threats to organizations. Organizations have to implement AML control processes specific to high-risk customers.
AML Compliance Officer
Organizations must employ an AML Compliance officer to ensure the organization's AML compliance. Compliance officers follow the relevant regulations and meet the AML requirements. AML compliance officers ensure the organization's commitment to AML policy. AML compliance officers are responsible for detecting suspicious transactions and reporting to Financial Intelligence Units (FIU).
The AML compliance officer is responsible for preparing the Suspicious Activity Report related to suspicious transactions. The AML compliance officer must also report customer transactions that exceed 150 million Iranian Rials to the required units.
Organizations have to keep all the necessary documents by legal requirements. Regulatory and supervisory units have the right to access these reports.
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