Financial Crime World

Iraq’s Commercial Bank of Iraq PSC Adheres to Stringent Banking Regulations to Prevent Financial Crimes

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Strengthening Financial Stability in Iraq

In a significant move to bolster financial stability and prevent illicit activities, the Commercial Bank of Iraq PSC has announced its compliance with the Central Bank of Iraq’s regulations on money laundering and terrorist financing.

Compliance with International Standards

The bank is listed on the Iraq Stock Exchange and operates under the umbrella of the Iraqi Law against money laundering and terrorist financing. The Financial Crime Regulations implemented by the Central Bank of Iraq are based on the principles of the Financial Action Task Force (FATF) and mirror international standards set by organizations such as:

  • Wolfsburg’s Standards
  • Egmont Group
  • United Nations Global Programme Against Money Laundering

These regulations require the bank to maintain robust client screening, monitoring, and due diligence procedures designed to prevent doing business with entities involved in money laundering practices or illegal activities.

Vigilance and Training

The bank extends its vigilance to incorporated entities, scrutinizing individuals who control such corporations. All officers and relevant staff of Commercial Bank of Iraq PSC are made aware of policies, procedures, and processes and are mandated to adhere to them. Additionally, the bank requires all staff who deal with clients or manage client relationships to undergo annual training on:

  • Anti-Money Laundering (AML) regulations
  • Know Your Client (KYC) procedures

Boosting Investor Confidence and Economic Stability

This move is seen as a significant step towards ensuring transparency and accountability in Iraq’s financial sector, and underscoring the country’s commitment to combating financial crimes. The Commercial Bank of Iraq PSC’s compliance with international standards is expected to boost investor confidence and contribute to a more stable economic environment.

By adhering to stringent banking regulations, the Commercial Bank of Iraq PSC demonstrates its dedication to preventing financial crimes and promoting transparency in the financial sector. This move is likely to have a positive impact on the country’s economy and reputation, attracting foreign investors and contributing to a more stable financial future for Iraq.