Central Bank of Iran Latest Directive
* In its latest directive, the Central Bank of Iran has obliged all Iranian financial institutions to establish an independent compliance department following the Money and Credit Council decision made on October 3. Based on this directive, institutions’ boards will be responsible for supervising compliance risks and devising policies in this regard (at least once a year) as well as being in charge of ensuring their effective implementation and taking the necessary measures. Insisting on the formation of a compliance committee, the CBI has also set criteria for electing the committee head, being a non-executive member is one of them. Receiving special attention when attempting to establish correspondent relations with international banks, this is hoped to take Iran’s banking sector one step forward in re-linking with the world.