Banks must report individuals and entities with "suspicious transactions" to the Central Bank.

 The Central Bank recently announced that banks should report suspicious transactions.

 The Deputy Governor of the Central Bank stated, "The new law of the Central Bank explicitly defines the responsibilities of banks and the Central Bank regarding the provision of services to customers and the legal penalties for violators."

 "It must be determined how many individuals with suspicious transactions have been identified by banks over the past year, and what the response of the bank's board of directors has been in this regard."

 The legislator has mandated that the Central Bank require its "supervised entities" to implement software rules and processes as per the bank's specifications in their internal systems, thereby monitoring the operations of banks, especially transactions they conduct.

 Banks must carry out transactions whose amounts exceed a limit set according to the status of individuals or entities, determined by the High Council (formerly the Money and Credit Council), only if the transaction has a unique electronic bill identifier.

Source: "Money Laundering News Channel" Dr. Najafi