Money laundering is the process of making illegally-gained proceeds (i.e. "dirty money") appear legal (i.e. "clean"). Typically, it involves three steps: placement, layering and integration. First, the illegitimate funds are furtively introduced into the legitimate financial system. Then, the money is moved around to create confusion, sometimes by wiring or transferring through numerous accounts. Finally, it is integrated into the financial system through additional transactions until the "dirty money" appears "clean".
The Islamic Republic of Iran, also, by criminalizing money laundering and adoption of an Act and Implementing Regulations has tried to combat this phenomenon.
The Central Bank of the Islamic Republic of Iran (CBI), as the regulator of all financial and credit institutions, is also obliged to provide the said institutions with the required infrastructures and to monitor their compliance with the rules and regulations. Anti-Money Laundering Law (AML Law) was comprised of twelve Articles and seven Notes, was ratified in the open session of the Parliament of the I.R. of Iran on Tuesday, January 22nd, 2008 and approved by the Guardian Council on February 6th, 2008. Executive By-Law of Anti- Money Laundering was approved by his Excellency the President on Dec. 2, 2009.
Due to the ratification No.773 dated 16 November 2011 of the board of directors of bank Sepah, Anti-money laundering department of Bank Sepah was established on November 16, 2011.
Anti-money laundering department of Bank Sepah has dedicated a part of its website to Anti-Money Laundering where you can easily access "AML Law", "Executive By-Law of AML" and "Instructions" .
Anti-Money Laundering Law (AML Law)
Executive By-Law of Anti- Money Laundering Act
Financial Institutions Directives
Anti-Money Laundering (AML) / Combating the Financing of Terrorism (CFT) Policy of Bank Sepah