Banks Want Easier Rules for Electronic Customers

December 17, 2020
banking

M anaging directors of banks and credit institutions have called on the Central Bank of Iran to revise regulations related to the verification of customers’ identity to enable banks offer a wider range of services without requiring customers’ physical presence.

“The banking network has been working to provide services via electronic platforms requiring customers’ physical presence at the branch in line with social distancing requirement. However, we believe some regulations need a reconsideration to broaden the scope of e-banking during the pandemic,” reads a letter signed by Kourosh Parvizian, head of the Private Banks and Credit Institutions Association, and Mohammad Reza Hosseinzadeh, head of the Coordination Council of State and Privatized Banks.

As per the Anti-Money Laundering and Countering the Financing of Terrorism Law, customers must come to the bank for confirming their identity, even though “many state organizations make use of existing infrastructure to verify customers’ identity online.”

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