Financial Crime World

IRAQ ENHANCES ANTI-MONEY LAUNDERING LEGISLATION TO COMBAT FINANCIAL CRIMES

In an effort to strengthen its fight against money laundering and terrorism financing, Iraq has taken significant steps to enhance its anti-money laundering (AML) legislation. One of the key measures is the establishment of the Office of Combating Money Laundering and Terrorism Financing (Money Laundering Reporting Office) within the Central Bank of Iraq.

Background

The office was reconfigured in 2015 with complete independence after the issuance of the Anti-Money Laundering and Terrorism Financing Law No. (39). The primary responsibilities of the AML/CFT office include:

  • Receiving, acquiring, or investigating reports or information from reporting bodies about operations suspected of including proceeds of original crime, money laundering, or terrorism funding
  • Communicating with reporting entities and suspending financial transactions or activities for a period of not more than seven working days if there is a concern about proceeds smuggling or damage to the analysis’ conduct

Requirements for Financial Institutions and Businesses

Financial institutions and designated non-financial businesses and professions in Iraq are required to have a compliance program that includes:

  • Exchanging information on money laundering and terrorism financing with competent authorities
  • Participating in international organizations and conferences relating to the fight against money laundering and terrorism financing
  • Establishing a database for analyzing and disseminating information about potential money laundering or terrorist financing
  • Providing technical assistance in aspects of money laundering and terrorism funding conventions and treaties

Solutions from MemberCheck

In light of these regulations, MemberCheck has developed solutions specifically designed to help financial institutions and businesses in Iraq comply with AML/CFT requirements. These solutions include:

PEP and Sanction Check

  • Scan clients against global PEP & Sanction data sources
  • Helps identify individuals who may be connected to political corruption or other high-risk activities

Adverse Media Check

  • Keeps up-to-date on risks that clients face by using reliable worldwide media
  • Identifies potential reputational risks associated with a client’s business or personal activities

Customer Identity Verification

  • Verifies the identity of customers in Iraq, avoiding the consequences of non-compliance
  • Helps prevent fraud and ensure compliance with AML/CFT regulations

AML Consulting Service

  • Provides accredited consultants to assess the money laundering and terrorism financing risk to a business
  • Helps financial institutions develop effective AML/CFT programs

Jurisdictional Risk Checks

  • Expert checks on jurisdiction-specific risks to ensure compliance and protect businesses
  • Identifies potential risks associated with doing business in specific countries or regions

Compliance as a Business

  • Allows financial institutions to start their own compliance business using MemberCheck’s tried and tested compliance software
  • Helps reduce the cost of compliance while ensuring adherence to AML/CFT regulations

Benefits for Financial Institutions and Businesses

By utilizing these solutions, financial institutions and businesses in Iraq can:

  • Minimize the amount of time spent sorting through false matches
  • Access customer details whenever required
  • Download reports for further investigation or auditing purposes

For more information on how MemberCheck can help your business comply with AML/CFT regulations in Iraq, request a demo today.