New Regulations on Financial Transactions Issued by Da Afghanistan Bank
Strengthening Transparency and Combating Money Laundering and Terrorist Financing
The Da Afghanistan Bank (DAB) has introduced new regulations aimed at strengthening transparency in financial transactions, combating money laundering, and preventing the misuse of the financial system for illegal activities. The regulations came into effect on [date] and require all financial institutions and money transmission services to maintain accurate records of all financial transactions.
Key Requirements
- All wire transfers exceeding a certain threshold must be conducted through an authorized financial institution or money transmission service.
- This requirement aims to prevent the misuse of the financial system for illegal activities by ensuring that all large transactions are traceable and monitored.
- Financial institutions and money transmission services must verify the identity of the originator and beneficiary of each transfer, including:
- Full name
- Account number
- Address
- In some cases, national identity number or date and place of birth
- This requirement aims to prevent anonymous transactions and ensure that financial institutions have a clear understanding of who is involved in each transaction.
- Financial institutions and money transmission services must maintain all transaction information for at least five years.
- This requirement aims to ensure that financial institutions can provide accurate records of transactions in case of an investigation or audit.
- Failure to comply with these regulations may result in severe penalties, including: - Fines - Closure of the financial institution or service provider
Benefits and Impact
The new regulations are designed to enhance the transparency of financial transactions in Afghanistan and prevent the misuse of the financial system for illegal activities. They will also improve cooperation between financial institutions and law enforcement agencies in combating money laundering and terrorist financing.
- Improved stability and integrity of Afghanistan’s financial system
- Enhanced transparency and accountability in financial transactions
- Strengthened cooperation between financial institutions and law enforcement agencies
Contact Information
For more information on the new regulations, please contact:
Da Afghanistan Bank Kabul, Afghanistan
Phone: [phone number] Email: [email address]
Note: Replace [date], [phone number], and [email address] with actual information.