Manager of the Central Bank of Iran (CBI) Ferdows Zare’ for Compliance Affairs pointed to tracking transactions in Society for Worldwide Interbank Financial Telecommunication (SWIFT) as pilot and said, “according to CBI instructions, banks are obliged to approve and notify the Compliance Charter in the highest level.” Speaking in 6th Iran-Europe Business Forum, held in […]
Manager of the Central Bank of Iran (CBI) Ferdows Zare’ for Compliance Affairs pointed to tracking transactions in Society for Worldwide Interbank Financial Telecommunication (SWIFT) as pilot and said, “according to CBI instructions, banks are obliged to approve and notify the Compliance Charter in the highest level.”
Speaking in 6th Iran-Europe Business Forum, held in Tehran, with relation to the situation of compliance in Iran’s banking system, he added, “during sanctions period, a deep gap occurred between Iranian banking system with the world’s achievements and progresses in the relevant field.”
He reiterated, “in the international arena, the complexity of laws and regulations is added day by day and inevitably causes banks to be forced to observe all changes that take place in laws and standards.”
Since last year, an instruction was notified by the Central Bank of Iran (CBI) to create appropriate structures, allocate manpower and suitable financial resources, he said, adding, “under such circumstances, banks themselves should develop their function in these areas, so that any risks arising from non-compliance of rules and regulations should be covered.”
Elsewhere in his remarks, the manager pointed to the other measures carried out in the banking system and said, “suitable conditions have been provided for banks to be able to load a profile for the identification of customers, the issue of which causes foreign brokers to consider KYC (Know your Customer) profile in SWIFT system instead of exchanging questionnaires according to their requests.”
Compilation of lists, subject of executive bylaw of fighting against financing terrorism, will be strictly followed up by banks, he reiterated.
He pointed to the challenges in the field of compliance and said, “political approach in the banking negotiations especially on the issues such as anti-money laundering policies and countering financing terrorism is a major obstacle, so that putting Iran’s name alongside with North Korea, which has not cooperation with the Financial Action Task Force (FATF) is not acceptable.”
In conclusion, CBI’s Compliance Manager Zare’ reiterated, “we call on FATF to exclude the name of Iran from the FATF’s list and allow Iran to develop and expand its international cooperation, otherwise, Iran’s progress in this field will slow down significantly.”
