Financial Crime World

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Banking Regulations for Anti-Money Laundering in Iraq

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Iraq has taken significant steps to combat money laundering and terrorism financing. The country’s anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations are designed to prevent the misuse of financial systems for illicit activities.

Key Requirements for Banks and Financial Institutions

Banks and financial institutions in Iraq must adhere to strict AML/CFT regulations, including:

  • Establishing a compliance program that leverages international best practices
  • Exchanging information with competent authorities on money laundering and terrorism financing
  • Participating in international organizations and conferences related to combating money laundering and terrorism financing
  • Compiling and analyzing statistics on AML/CFT issues
  • Organizing training sessions for personnel on recent advances in the field of money laundering and terrorism funding

Role of the Office of Combating Money Laundering and Terrorist Financing

The Office of Combating Money Laundering and Terrorist Financing is responsible for:

Receiving, Acquiring, or Investigating Reports of Suspicious Activities

  • Receiving reports of suspicious activities
  • Acquiring information to determine whether a financial transaction or activity is related to money laundering or terrorism financing
  • Suspending financial transactions or activities for up to 7 working days if there is reasonable suspicion of illicit activity

Analyzing Information and Taking Action

  • Analyzing information to determine whether a financial transaction or activity is related to money laundering or terrorism financing
  • Transmitting communications based on reasonable suspicion to the Presidency of the Public Prosecution, which takes legal action and notifies relevant authorities

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Request a Demo

For more information on how MemberCheck can support your AML/CFT obligations in Iraq, please request a demo today.