PREVENTING MONEY LAUNDERING IN MONETARY AND BANKING SYSTEM

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HOSSEINI SAYYED HOSSEIN; AZARI MATIN AFSHIN

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Journal: CRIMINAL LAW DOCTRINES Year:2016 | Volume:- | Issue:10 Page(s): 135-154

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Title

PREVENTING MONEY LAUNDERING IN MONETARY AND BANKING SYSTEM

Author(s)

HOSSEINI SAYYED HOSSEIN | AZARI MATIN AFSHIN | Issue Writer Certificate

Keywords

THE CRIME OF MONEY LAUNDERINGQ2

DOUBTFUL TRANSACTIONQ2

THE CENTRAL BANK OF IRANQ1

THE ELECTRONIC BANKING (E-BANKING)Q2

PREVENTIONQ1

Abstract

Banks and credit institutions are known as the principle center for currency transactions. Therefore, adopting the proper preventive strategies (programs) has a vital importance to prevent dirty money to enter the monetary and banking system. The first step to achieve this importance it is necessary the effective supervision of THE CENTRAL BANK OF IRAN over the establishment of banks and credit institutions to prevent or hinder ineligible people (who launder money) to establish banking institutions and quasi-banks (quasi-banking institutions) for preparing a safe place for their illegal actions. Also, it is essential the continuous supervision over the all banking functions and actions by THE CENTRAL BANK OF IRAN to ensure the implementation (enforcement) of the antimoney laundering regulations in the monetary and banking system. From the other side, the traditional banking has been replaced by the electronic and virtual banking and its main feature is the easy and online tracking and transferring. It is good (proper) that the banking system to recognize the suspicious (doubtful) banking transactions indicating money laundering provides (considers) technical equipment and payment systems which are equipped by the exact controlling methods in the systems of banking services for the technological PREVENTION. The next step is to consider standards governing the banking system to prevent money laundering. According to the law on fighting money laundering (Anti-Money Laundering Law) and its implementing regulations, the standards are the duty of the Supreme Council for fighting against money laundering has codified regulations relating to identification and authentication, categorization of persons, determining customer-level activities, the relationship between brokerage and other banks in the form of the instruction. These regulations have had the preventive approach and its exact implementation by financial institutions has a crucial rule to decrease the scope of the commitment of money laundering.

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APA: Copy

HOSSEINI, SAYYED HOSSEIN, & AZARI MATIN, AFSHIN. (2016). PREVENTING MONEY LAUNDERING IN MONETARY AND BANKING SYSTEM. CRIMINAL LAW DOCTRINES, -(10), 135-154. SID. https://sid.ir/paper/216101/en

Vancouver: Copy

HOSSEINI SAYYED HOSSEIN, AZARI MATIN AFSHIN. PREVENTING MONEY LAUNDERING IN MONETARY AND BANKING SYSTEM. CRIMINAL LAW DOCTRINES[Internet]. 2016;-(10):135-154. Available from: https://sid.ir/paper/216101/en

IEEE: Copy

SAYYED HOSSEIN HOSSEINI, and AFSHIN AZARI MATIN, “PREVENTING MONEY LAUNDERING IN MONETARY AND BANKING SYSTEM,” CRIMINAL LAW DOCTRINES, vol. -, no. 10, pp. 135–154, 2016, [Online]. Available: https://sid.ir/paper/216101/en

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