General Inspection Organization of Iran strengthen monitoring of banks
TEHRAN, Iran, Sep.19
The General Inspection Organization of Iran (GIO) is to monitor banks activities to prevent corruption and money laundering, said the head of GIO.
"The General Inspection Organization of Iran has warned various financial organizations and banks about structural damages and the processes that lead to corruption. We intend to make major reforms in the banking sector stem by the aid of the parliament," said Hassan Darvishiyan, Trend reports citing IRNA.
"The organization has held various meetings with officials in the Central Bank of Iran to solve the related issues and fight economic terrorism," he said.
"One of the major issues in banks is the need to tighten monitoring on banks offering advances and delayed payments. It is necessary to increase the monitoring of banks to evaluate loans assigned to various projects," he added.
"Our studies indicate that allocation of finances to projects that are not beneficial for the country would inflict more pressure on the economy," he said.
"I have asked our colleagues to collect data on assets of banks that include production units. There were some production units closed after being owned by banks," he noted.
"We have discovered in our inspections that some of the unused bank accounts were abused for money transferring or illegal interest rates, these accounts should not be functioning, " he added.