Financial Crime World

Experts Sought for Consultation on Iranian Banking Act

The Iranian government is seeking experts with experience in banking law, finance, and governance to provide consultation on various aspects of the country’s banking system, as outlined in Article III of the Iranian Banking Act.

Confidentiality

Article (f) of the Iranian Banking Act emphasizes the importance of confidentiality for council members and those invited for consultation. According to this provision:

  • Members of the council and those invited for consultation shall treat the proceedings of meetings as strictly confidential, except where legally called upon to divulge information or to stand witness.
  • This provision aims to ensure the integrity and security of sensitive banking information.

Attendance Fees

Article (g) of the Iranian Banking Act provides for attendance fees for council members, which shall be determined upon the recommendation of the Governor of the Bank and the approval of the General Meeting. The purpose of these fees is to compensate council members for their time and expertise.

Oath-Taking

Before assuming office, council members are required to take oaths in the General Meeting to:

  • Exercise utmost care and impartiality in fulfilling their functions.
  • Treat all matters related to the Bank as strictly confidential (Article h).

Executive Board

The Executive Board is responsible for overseeing the day-to-day operations of the bank. The Governor, Deputy Governor, Secretary General, and Vice Governors are appointed by the government and shall serve for a term of five years.

Note Reserve Control Board

The Note Reserve Control Board is responsible for supervising the proper execution of certain provisions of the Act and ensuring the security and integrity of the bank’s assets. The board shall be composed of seven members, including:

  • The Governor of Bank Markazi Iran.
  • The Prosecutor General.
  • The Treasurer General.
  • The Head of the Government Auditing Tribunal.

If you are interested in applying for this opportunity to provide consultation on these aspects of the Iranian Banking Act, please contact [insert contact information].