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Compliance Training for Financial Professionals Essential in Fight Against Money Laundering and Terrorism Financing in Iraq

Iraq has made compliance training for financial professionals a top priority in its efforts to strengthen the fight against money laundering and terrorism financing. The country’s Anti-Money Laundering and Counter-Terrorism Financing Office (AML/CTF) requires all reporting entities to undergo rigorous compliance programs to prevent the misuse of their services.

Establishment of AML/CTF Office

According to the Anti-Money Laundering and Terrorist Financing Law No. 39, the AML/CTF office must be established as a separate entity within the Central Bank of Iraq. The office was established in 2007 and reconfigured in 2015 to better combat money laundering and terrorism financing.

Compliance Requirements for Financial Institutions and Non-Financial Businesses

To comply with AML/CTF regulations in Iraq, financial institutions and designated non-financial businesses and professions are required to perform several duties:

  • Receive and analyze reports or data about suspicious operations
  • Suspend transactions if necessary
  • Transmit communications with law enforcement authorities

Importance of a Compliance Program

A compliance program is essential for all reporting entities in Iraq, as it helps the country achieve its goals of combating money laundering and terrorism financing. The program enables financial institutions and non-financial businesses to:

  • Coordinate with government agencies
  • Exchange information
  • Participate in international conferences
  • Create a national database for analyzing and disseminating data

Training Workshops and Notifications

To ensure effective implementation of the AML/CTF law, the office also provides training workshops for concerned staff to keep them informed of the latest developments in money laundering and terrorism financing. Additionally, it notifies regulatory authorities of any financial institution or non-financial firm that fails to adhere to the law’s requirements.

Staying Vigilant

With compliance training playing a crucial role in Iraq’s fight against money laundering and terrorism financing, financial professionals must remain vigilant and proactive in their efforts to prevent these illicit activities.