* Upon rendering any monetary and financial services, credit institutions, insurance companies and stock exchange are bound to exercise initial identification of their customers and then entering the customer information in their database.AML Executive By-law, based on the Article One hundred and thirty-eight of the constitution after approval by the ministers who are the members of the workgroup of ratification of AML Act By-Law, was declared.

According to Mass Media reports (dolat.ir) based on this By-Law, credit institutions, insurance companies and stock exchange while renderings diverse services and monetary and financial operations even less than the prescribed limit are bound to initial identification of the customers then entering customer information in their database. These operations comprises receipt and payment of the funds, money transfers, issuing and paying cheques, providing facilities, issuance of each types of card and payment via them,

letter of guarantee issuance, buying and selling foreign currencies(speculation), securities, deposit certificate, Bond, documentary collections, letter of credits, buying and selling stocks, etc.

In accordance with this By-Law, all persons subject to the By-Law are bound to execute the procedures for the initial identification of customers in any transaction, operation and services provided for them over the entitled limit or if they are suspicious of money laundering. According to this regulation, the initial identification will be carried out based on the customer national code and postal code of residence and its compliance with the original ID card (locally called: "Melli Card "). For foreign nationals, this will be done through a valid passport enjoying residence license (permit) or identification card or valid foreign logistics paper. Of course, initial identification of a legal entity is carried out according to the National ID and postal code of his legal residence and its compliance with the original or confirmed copy of ID card (stipulated in the Executive Regulations for the necessity of using the use of national ID code for the legal entities) and for a foreign legal person, identification will took place via valid activity license and specific foreign national number. within three monthes, Deputy of development of management and human resources of President is bound to declare the organizational chart and job duties of the secretariat and other required department suggested by the Council considering experienced manpower supply for thorough implementation of the Act and all administrative organizations are bound to cooperate with the Ministry of Economic and Financial Affairs in respect of allocating specialized and experienced personnel to them.All individuals and legal entities subject to this Law should furnish FIU (Financial Intelligence Unit) with the data required by them enabling them to perform their duties. In order to facilitate the access to the customers data, Central Bank of the Islamic Republic of Iran is obliged to set up customer information system, including registration information and customer financial statements, account numbers and facilities provided for them, returned checks, tax declaration, sentences and protested promissory notes, and information provided by the customers base on their birth certificate.

This act was communicated by the First Vice President to perform the duties by individuals and legal entities subject to it.