CBI governor: All banks must return to pre-sanctions position

Tehran, Oct 4, IRNA Governor of the Central Bank of Iran (CBI) underlined the need for preparation of the conditions for the implementation of the Joint Comprehensive Plan of Action (JCPA), saying all the activities of the banks should rapidly return to the pre-sanctions conditions.
CBI governor: All banks must return to pre-sanctions position
Addressing a group of managing directors of banks, Valiollah Seif noted that the banks of the country should get ready for presence in international arenas.

Stating that the Swiss banks are ready to activate the old accounts even prior to the implementation of the JCPOA, he said all the obstacles on the way of activation should be identified and removed and the banks should help each other so that better results will be achieved.

Underlining the importance of the role of control and conformation unit, Seif noted that establishment of the unit will result in transparency in the performance of the banks and for this reason it should enter into the structure of the banks as movement in ambiguity and darkness is highly dangerous.

Also speaking at the session, CBI Foreign Exchange Deputy Gholamali Kamyab said one of the most important issue that JCPOA refers to is that branches of the Iranian banks which come out of the list of sanctions can resume their activities in other countries.

Therefore, he added, establishment of control and conformation unit in the host countries is one of the most vital and important principle for the implementation of domestic and international regulations, anti-money laundering standards, financing terrorism and other professional standards.

He proposed formation of a committee by the banks to investigate dimensions of JCPOA so that through holding constant sessions, the banks could follow up relevant issues which will lead to the better and coordinated implementation.