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Iran-backed Arian Bank in Kabul Shut Down Over Regulatory Violations

in Afghan Business

Iran-backed Arian Bank  in Kabul Shut Down Over Regulatory Violations

The Afghan government has closed the Iran-backed Arian bank that was allegedly involved in money laundering and not adhering to the laws and regulations of the central bank.

The Afghan central bank said Arian bank has had no contribution to the economic development of the country and had “refused” to provide loans to businesses in order to further investment in Afghanistan.

Davood Mahadian, CEO of Arian Bank, dismissed the allegations and said the bank had obeyed the rules since its establishment.

Arian Bank also announced that it was Afghan and not Iranian.

The bank added that while the bank was set up in 2004 with investment from Iran’s national bank and Bank Sedarat, the bank has been under supervision of the central bank of Afghanistan during its operation.

Arian Bank was one of the 50 Iranian banks that was hit by US’s sanctions.

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