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Regulation on the Maximum Amount
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Regulations
PASSENGERS AND TOURISTS OF IRANIAN AND NON
– IRANIAN ORIGIN TRAVELING TO IRAN
Export & Import Regulation Act
Protection
of Foreign Investment Act
Regulation
on the Maximum Amount of Iranian Currency Allowed to be Imported
or Exported by Travelers
According
to the Approval of the Money and Credit Council the import or
export of Iranian Rials up to a maximum amount of IRR500,000
is
permitted by travelers (either Iranian or Alien).
Deviants shall
be treated as per Article 42 of the Monetary and Banking Law and
other current regulations.
Regulations Governing the Import of Jewelry by Travelers
and Export of Personal Jewelry and Silver Products
Import of golden jewelry (consisting of
necklace, bracelet, earrings, bangles, watch, etc. in logical
amounts)
by passengers for personal use (which means, one each
and for earrings in pairs and bangles up to six pieces) is
permitted.
For amounts more than this, permission of Central
Bank of the Islamic Republic of Iran is requited.
Export of personal jewelry amounting to one
hundred and fifty grams of gold along with the passenger is
permitted.
If these jewelry are decorated with precious stones
such as diamonds, emerald, etc. then each of the gems should be
less than a carat in weight. Export of silverware for gifts or
souvenirs by passengers is permitted up to a maximum of three
kilograms,
contingent upon these items are not considered part
of Histo-Cultural products.
Regulations concerning prevention of Money
Laundering through Financial Institutions
Chapter one - Definitions
Article 1 -
Terms and phrases under these Regulations are to be
defined as follows:
Money Laundering, which is subject to these Regulations, means
engaging in banking activities through financial Institutions
for following purposes :
a - Obtaining, safekeeping or using assets which are directly or
indirectly acquired as a result of perpetration of a crime,
b - Assisting other person or persons in:
- Exchanging or transferring any asset acquired directly or
indirectly as a result of perpetration of a crime;
with the
intention of covering up or modifying the illegal source of such
asset, or assisting a person who participated in a criminal
activity in escaping criminal prosecution,
- Covering up or modifying the actual nature, source, location,
transfer,
replacing or ownership of an asset which was acquired
directly or indirectly as a result of perpetration of a crime.
Note - Financing terrorist activities, as notified by relevant
authorities, shall likewise be subject to these Regulations.
Banking activities under these Regulations include but are not
limited to following transactions:
- Drafts
- Buying or selling foreign exchanges in cash, transfers,
travelers' checks and similar transactions.
- Issuance of bank guarantees
- Opening letters of credit
- Collecting instruments, bills of exchanges and checks
- Renting safe deposit boxes
- Issuance of all kinds of travelers' chicks
- Opening all types of accounts
- Extending financial facilities
- Other banking activities such as electronic payment cards and
electronic banking services.
Under these Regulations Financial Institutions include the
following:
- Government or non- government Banks
-Credit institutions which have obtained permits from Central
Bank of the Islamic Republic of Iran.
-Authorized money dealers
- Cooperative funds, as well as, charitable lending funds and
cooperative credit firms operating in compliance with
regulations of the Monetary and Credit Council.
Suspicious activities means transactions and operations which
based on information or reasonable evidence give rise to one's
suspicion
that such activities or operations are conducted for
the purpose of Money Laundering.
Chapter 2- General provisions
Article 2 -
Financial Institutions shall constantly supervise the activities
and operations of their customers for the purpose of identifying
Suspicious Activities.
Article 3-
Financial Institutions shall fully identify all their customers.
Article 4
- Rendering any type of banking service by Financial
Institutions for any natural or legal person
whose identity may
not be determined under the criteria laid down under these
Regulations is prohibited.
Article 5
- In case of a person applying for banking services on behalf of
another person identification of both the principal and the
proxy are required.
Article 6-
Financial Institutions may deny rendering services to an
applicant whose representative capacity could not be ascertained
on the basis of customary evidence;
and fails
to submit information and evidence to that effect pursuant to
these Regulations; provided the approval of the highest
authority of the Institution
or the committee envisaged under
Article 8 - of these Regulations is obtained.
Article 7 -
Banks and Financial Institutions authorized by Central Bank
shall be required to implement separate internal regulations,
approved by their board of directors and confirmed by the
specialized committee envisaged under Article 9 of these
Regulations,
to ensure prevention of money laundering, in
compliance with standard procedures. The internal regulations
shall address the following issues:
-
Obtaining, classification, saving and centralizing
information related to identity of the applicants whether
principals and /or proxies.
-
Directives concerning saving records pertaining to identity
of the customers and their activities.
-
Directives concerning reporting suspicious activities and
identifying reportable instances to Central Bank of the
Islamic Republic of Iran.
-
Planning appropriate training courses for their employees
for the purpose of identifying and preventing suspicious
activities.
-
Implementing controlling procedures and designating relevant
responsible officer in each branch or operational unit.
Article 8 -
Financial Institutions shall be required to appoint one of their
board members, executive board members or one of their senior
executive
officers as the supervisor of money laundering affairs
and notify such appointment to Central Bank of the Islamic
Republic of Iran.
Such officer may appoint a specialized
committee for this purpose.
Article 9 -
(a) Central Bank of the Islamic Republic of Iran shall designate
one of its operating units to take charge of the implementation
of these Regulations and appoint a specialized committee under
the supervision of one of the members of its executive board for
implementation of these Regulations.
(b) Members of the specialized committee will be appointed at
the recommendation of the appointed Executive Board member and
approval of the Executive Board.
Article 10 -
Opening accounts or rendering other banking services to
unauthorized institutions or credit establishments is
prohibited.
Financial Institutions, which are subject to these
Regulations, shall close the accounts of said institutions and
cease to provide banking services to them,
within the time limit
determined by Central Bank of Iran.
The name and identifications
of said institutions or establishments would be notified by
Central Bank of the Islamic Republic of Iran.
Chapter 3 - Evidence and Criteria required for Identifying and
Verifying identity of customers
Article 11 -
Identification shall be made by examining the original
instrument of the following evidence and documents.
All copies
made of the original instruments shall be maintained under
relevant files stamped with "True copy of the Original", and
certified by an authorized signatory.
a) Natural persons.
- Birth Certificate (National identification card) or
- Valid Drivers' License or
- Valid passport
b) Legal personalities (Whether Iranian, foreign, profit making
of non - profit organizations, charities or similar
organizations):
- The original instruments related to registration of the
company, institution, organization etc.
- Articles of Association, partnership agreement and/or other
equally valid instruments, as determined by the Financial
Institution.
Article 12 -Verifying
identity of an applicant, who is a natural person, needs to be
conducted at the time of opening all types of accounts,
through
at least one of the following criteria:
-
Obtaining signed testimony of at least one of the recognized
customers of the bank.
-
Obtaining information pertaining to the applicant from other
banks with which the applicant had conducted continuous
banking business.
-
Using
information appearing on applicant's business permit or
employment certificates or similar documents.
-
Other
reliable evidence as determined by the Financial Institution
and approved by the committee mentioned under Article (9)
above.
Information obtained needs to include the content of the birth
certificate and the other information pertaining to the
profession
and the correct address and residence of the
applicant, based on probative evidence.
Article 13- When
the applicant is a legal personality the following information
needs to be obtained for the purpose of verification of the
identity:
-
Type of
the activities
-
Financial statements
-
In case
of companies the names and addresses of members of their
board of directors,
managing director and shareholders
holding over 20% of the share capital, and in case of
non-commercial organizations,
names and addresses of their
members of the board of trustees or similar bodies.
-
Names
and addresses of the accountant or accountants.
Note-
In case of foreign legal entities obtaining official translation
of their instruments of registration is required.
Chapter 4- Maintaining Information
Article 14 -Financial
institutions are required to maintain the documents, files
related to opening accounts and banking activities
and
verification of the identity of their customers, mentioned
below, for a period of five years. (The documents may be saved
in form of original, microfilm,
electronic files and similar
forms).
-
Documents related to opening accounts for customers.
-
Documents related to verification of the identity of
customers.
-
Documents and instruments related to transactions of the
customers with the bank; including foreign exchange
transfers whether local or international.
-
Reports
of suspicious cases, under Article (21) of these
Regulations.
Note -
In case of closed accounts the relevant documents need to be
maintained for five years, as well.
Article 15
- Financial Institutions are required re-examine information and
documents related to accounts of their customers every five
years,
and to note any change thereof within their clients'
record.
Article 16 -
Customers of Financial Institutions are required to notify
promptly any change in their financial information to the
Financial Institution.
This obligation needs to be incorporated
under the contract between the customers and Financial
Institution.
Chapter 5 -Suspicious banking activities and reporting procedure.
Article17-
Financial Institutions shall allow the
supervisor of their branches or operational units to promptly
report suspicious activities directly,
and without observing
administrative hierarchy, to the supervising officer appointed
under Article8 these Regulations.
Such supervising officer shall
likewise report said information to the Central Bank of Iran,
when deemed necessary.
Article 18
- Central Bank of Iran will promptly submit reports related to
such suspicious activities to relevant authorities,
once its
reliability was ascertained on the basis of presumptions and
evidences.
Article 19
- Members of the board, directors and/or employees of Financial
Institutions are in no way allowed to disclose information
related to suspicious activities of their applicants or
customers to them or to third parties.
Article 20
- Central Bank of the Islamic republic of Iran shall provide
necessary training to Financial Institutions for their
acquaintance.
Article 21-
A report of suspicious banking activity needs to contain the
following information:
-
Type of
the activity.
-
Date,
time and the amount of the transaction.
-
Identification and address of the person engaged in the
transaction.
-
Identification of the beneficiary of the transaction.
-
Account
numbers used for the purpose of concluding the transaction
and/or banking activities.
-
Indications and evidences which caused the suspicion.
Note- Central
Bank of the Islamic Republic of Iran will prepare and notify the
required reporting from.
Article22-
Banks are required to verify identification of buyers of all
types of travelers' checks and to obtain their signature on
designated lines,
upon concluding such transactions. When such
checks are presented to financial institutions the
identification of the bearer needs to be verified and the checks
need to be signed by him.
Article23-
These Regulations shall be observed by banking establishments in
free commercial and /or industrial zones.
Article24-
Banking activities for small transactions, within limits
approved by Monetary and Credit Council,
at the recommendation
of central Bank of the Islamic Republic of Iran, shall be
exempted from these Regulations.
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