Bank Melli Iran as one of the largest banks of Middle East region and having strong cross-border interactions with other banks has committed itself to observing Anti-Money Laundering Law as well as launching an independent unit to deal with issues relevant to this subject.
Preparing rules, regulations and instructions on Anti-Money Laundering and combating Terrorism for use in all the units of bank Melli Iran, preparing and offering over 30 by-laws to the network of branches, generating the new position of Supervisory Directorate of Combatting Financing of Terrorism, responsible, accurate, quick and efficient answering to received inquiries from outside competent supervisory authorities in charge of countering Money Laundering and terrorism and its financing and establishing a financial tracking unit to detect suspicious transactions and activities of Money Laundering are a small part of measures of Bank Melli.
Bank Melli Iran has identified the risky Iranian boundaries with its 15 neighbors in order to facilitate the process of following tracks of offenders and their financial operations as well as determining the features of risky areas from Money Laundering point of view.
Measuring and verifying performance of active units is now done through a controling process.
Moreover Bank Melli Iran is a member of a technical committee on implementing regulations of foreign currency carrying by passengers under the supervision of Iran's customs Administration and a specialized committee on evaluating national risk of countering Money Laundering and Financing of Terrorism and its effects on banking sector under the supervision of Central Bank of Iran and has been taking part in their meetings regularly.
Preparing and offering AML Policy to correspondent banks and reconnecting to SWIFT Network, assessing the compliance of contracts of Finance and Refinance with AML Act, updating AML questionnaire and supplementing Wolfsburg Group questionnaire based on FATF recommendations have also been done at Bank Melli Iran.
Moreover teaching the relevant rules to personal –supplementary and specialized courses were designed and held for staff – is other measures implemented by Bank Melli Iran. By the end of 2017 all the personal of BMI passed a preliminary course of AML.
The newest actions of Bank Melli Iran includes launching Currency Transaction Report System (CTR), Power of Attorney (POA) System, Financial Tracing Unit, Financial Intelligence Section, FIDA System (issuing identification code for foreigners), AML system (based in Anti-Money Laundering Dept.), revising related by-laws, upgrading systems of Anti-Money Laundering Dept. in order to prevent wasting time and expenses, speeding the current affairs of identifying foreign customers, sending reports and surveys to supervisory officials.