Financial Crime World

First Iraqi Bank Reinforces Commitment to Anti-Money Laundering and Countering Terrorism Financing

Enhancing Financial Transparency and Stability in Iraq

In a move to promote financial transparency and stability, First Iraqi Bank has reiterated its commitment to anti-money laundering (AML) and countering the financing of terrorism (CFT) policies and procedures. This effort is in compliance with international standards to safeguard the integrity of Iraq’s financial system and the global economy.

Comprehensive Risk-Based AML/CFT Program

First Iraqi Bank maintains a robust risk-based AML/CFT and economic sanctions compliance program designed to ensure adherence to both Iraqi law and global best practices. The initiative aims to:

  • Prevent money laundering and terrorist financing
  • Comply with international standards and regulations
  • Protect the integrity of Iraq’s financial system
  • Ensure the bank’s reputation as a reputable and trustworthy institution

Bank-Wide Commitment to AML/CFT

A senior bank official emphasized that the commitment to AML/CFT begins at the highest levels of management, extending throughout the entire organization. Every member of staff is obligated to support these efforts, with the bank investing heavily in:

  • Personnel: dedicated teams and resources
  • Policies and procedures: robust frameworks for compliance
  • Advanced technology: innovative solutions for monitoring and reporting
  • Training: regular training sessions for employees
  • Auditing: regular auditing and reviews

Integration with International Financial Institutions

The bank’s dedication to AML/CFT has enabled it to integrate seamlessly with international financial institutions, catering to the needs of its Iraqi customers.

Regulatory Oversight

Regulatory oversight of First Iraqi Bank falls under the purview of the Central Bank of Iraq. For further information on AML/CFT and economic sanctions in Iraq, readers are directed to the Anti-Money Laundering (AML) Office website. International standards for AML/CFT can be accessed through the Financial Action Task Force (FATF) website.

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