Challenges of providing banking services to the incapacitated with emphasis on the risk of money laundering

Hejini Nejad, Sedigheh

doi:10.22034/jifb.2022.288578.1273

Challenges of providing banking services to the incapacitated with emphasis on the risk of money laundering

Document Type : Original Article

Author

Sedigheh Hejini nejad

No33. mansoty St. ShararaSt.

https://doi.org/10.22034/jifb.2022.288578.1273

Abstract

Despite the fact that the guardian and the custodian of the incapacitated are allowed to carry out financial operations in his name and for him but the sensitivity of banking services on one hand and the need for money launderers to use another identity and the risks of rental accounts on the other hand Provides regulations to limit the provision of banking services to incapacitated, both domestic and foreign nationals. Restrictions on the payment of banking services to incapacitated, as well as the type of accounts they can open and the appropriate age for withdrawal from the account and the amount allowed for money transfers, are among the issues that differ in different countries. the types of banking operations that can be offered to incapacitated in terms of the possibility of money laundering are analyzed by mentioning its risks and the type of banking services they can receive is determined by comparing the Anti-Money Laundering Law and its executive regulations as well as US regulations

Keywords

Bank facilities for the incapacitated

rental accounts

Bank Transaction limit

Restrictions on the authority of the guardian