Tejarat Bank Promoting Transparency
EghtesadOnline: Tejarat Bank ranks first in adhering to transparency standards, according to data released by Majlis Research Center, the bank’s chairman announced.
“Information affiliated to the financial statements of the bank and reports of the board of directors to the bank’s General Assembly and information on risk management and corporate governance is readily available to users via the bank’s website,” Heibatollah Sami was also quoted as saying by the bank’s official website.”Forming a special unit to improve financial reports in accordance with IFRS standards and executing the Central Bank of Iran’s regulations for anti-money laundering are among the most important initiatives of the bank,” he added. CBI has required all banks to conform their balance sheets to International Financial Reporting Standards–the latest international accounting procedures. Iranian banks’ progress in adapting their financial statements with the new CBI model was reportedly about 20-30% in the last Iranian year (ended March 20, 2017), Financial Tribune reported.