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Iran’s central bank has told the country’s certified financial institutions to establish compliance departments to ensure adherence to international regulations to combat global money laundering and terrorism financing.
The banks must implement the directive by the start of the new Iranian fiscal year on 21 March 2018. Responsibility lies with their boards.
In June 2016 the Paris-based international Financial Action Task Force (FATF), which monitors money laundering and terrorism financing worldwide, suspended measures against Iran for one year in order to check the latter’s progress in implementing the set “Action Plan” ( MEES, 1 July 2016 ). The waiver was extended in June 2017 for a further unspecified period of time. (CONTINUED - 338 WORDS)