Banks Have 4 Months to Comply With AML Rules

EghtesadOnline: The Financial Intelligence Unit (FIU) of the Ministry of Economy has called on banks and credit institutions to redefine infrastructure for effectively implement restrictions on individuals suspected of money laundering.

News ID: ۷۵۲۷۲۶

22 July 2023

The Financial Intelligence Unit (FIU) of the Ministry of Economy has called on banks and credit institutions to redefine infrastructure for effectively implement restrictions on individuals suspected of money laundering.

Financial and credit institutions have been given a four-month deadline to fall in line and update software systems to comply with the restrictions imposed by the Financial Intelligence Unit.

Constraints are in line with Anti-Money Laundering (AML) Law and compensate delays in implementing rules tied to strengthening the fight against dirty money and corruption, ISNA reported.