Our deep understanding of the harmful effects of money laundering on the economy, and our strong adherence to Islamic teachings, which forbid any money laundering and terrorism financing-related activity, (as well as having an awareness of international sensitivity towards the issue), means that we are fully aware of the need for all bank employees to acquire a good knowledge of money laundering activities and the techniques that criminals use. While fully adhering to confidentiality and privacy regulations, the Bank seeks to prohibit money launderers from using Saman for financial transfers. Saman makes it a priority to collect, record and analyze information on the purpose of customer due diligence and reasons for opening an account, anticipating account activities, identifying source of wealth, estimating net worth, identifying source of transactions, client’s business and structure, and any information regarding the use of bank facilities. .
In order to implement anti-money laundering rules and regulations, Saman Bank has established the anti-money laundering department to apply and enforce the AML instructions over services and products, as well as cooperating and communicating with competent authorities.
This department also ensures that KYC guidelines are properly followed at all levels within the Bank, continuously monitoring branch operations and identifying gaps in regulatory controls. To this end, it works in close cooperation with supervisory and regulatory bodies.
Client Acceptance procedures are at the core of Saman Bank’s effective anti-money laundering risk management. Account opening includes the verification of identity and due diligence on account holders and underlying beneficial owners, as well as establishing the origin of wealth and source of deposited funds.
An account must include the real name of the account holder in compliance with the presented identification documents. Furthermore, no numbered, coded or anonymous accounts are permitted. Black list and watch list controls are also conducted for applicants.
Records, evidence of identification and all account activities are retained for at least 10 years.
Suspicious Activity Reporting
In view of the potential risk associated with banking activities, suspicious activity reporting (SAR) is instrumental in combating suspicious financial activity. Saman Bank conducts ongoing suspicious activity monitoring and all such transactions and activities are reported to the Islamic Republic of Iran’s National Financial Intelligence Unit (IRIFIU).
Politically exposed Persons (PEPs)
To comply with 6th Article of FATF recommendation and in accordance with Article 9, the executive direction of anti-money laundering law approved by the ministers member of the work group no.181434/T43182K dated December 5th, 2009, the bank is obliged to gather sufficient information to determine an individual is a politically exposed person (PEP) and report to national Financial intelligence Unit (F.I.U). Thus, Saman Bank has implemented the PEJVAK system to verify its customers identify. Furthermore, foreign customers of the bank are required to fulfill Politically Exposed Persons Identification form.
To See and Download the Declaration relating to the Identification of Politically Exposed Persons form, please click