Heavy Fines for Illegal Moneychangers

By John Lee.

Financial Tribune reports that many illegal bureaux de change in Iran have received heavy fines.

The director general for banking regulations, licensing and anti-money laundering at the Central Bank of Iran (CBI), Abdolmahdi Arjomandnejad, said:

“The authorities have taken legal measures against those who fail to obtain licenses for their currency exchange activities. So far, a large number of illegal exchangers have been identified and met with disciplinary action, some of whom will be fined heavily.”

He added that moneychangers who purchase, sell or transfer currency without obtaining a license from the central bank are operating illegally and their actions constitute currency smuggling.

(Source: Financial Tribune)

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