Elaf Islamic Bank Achieves Compliance with Anti-Money Laundering Regulations

Central Bank of Iraq Recognizes Bank’s Efforts

The Central Bank of Iraq has announced that Elaf Islamic Bank is fully compliant with banking regulations related to anti-money laundering, combating terrorism financing, and non-proliferation of weapons of mass destruction. This achievement demonstrates the bank’s commitment to maintaining high ethical standards and adherence to international best practices.

Revamped Compliance Department

Elaf Islamic Bank’s revamped compliance department plays a crucial role in ensuring the effectiveness and dynamism of its compliance policies, procedures, processes, and systems. The department conducts regular checks on basic banking practices such as Know Your Customer (KYC) policies, which enables customer due diligence and classification based on risk profile.

Identification of Suspicious Activities

The bank has a system in place to identify suspicious activities and escalate them to management and regulatory bodies. Regular updates are made to procedures and processes to reflect changes in regulatory guidelines, and employees undergo regular training to equip them with the necessary skills to identify suspicious transactions and prevent non-compliance issues.

Audits and Compliance Monitoring

Elaf Islamic Bank undergoes internal and external audits on a quarterly and yearly basis respectively to ensure compliance with Central Bank of Iraq’s and international regulatory bodies’ rules on anti-money laundering, combating financial terrorism, and non-proliferation of weapons of mass destruction. This ensures that the bank is adhering to the highest standards of compliance.

FATCA Compliance

Elaf Islamic Bank has also declared itself “FATCA compliant” under the Model 2 IGA status as a reporting financial institution single status since July 1st, 2014. The bank’s FATCA GIIN (Global Intermediary Identification Number) is L7VZ9D.99999.SL.368.

Central Bank of Iraq’s Praise

The Central Bank of Iraq has praised Elaf Islamic Bank for its commitment to compliance and transparency, stating that the bank’s efforts are in line with international best practices and conventions. This recognition highlights the bank’s dedication to maintaining high ethical standards and adherence to regulatory requirements.