Iraq’s Banking Sector Takes Step Towards Enhanced Compliance
Elaf Islamic Bank Revamps Compliance Department to Ensure Financial Integrity and Transparency
In a bid to strengthen its commitment to financial integrity and transparency, Elaf Islamic Bank has revamped its compliance department to ensure effective implementation of regulations related to anti-money laundering, combating terrorism financing, and non-proliferation of weapons of mass destruction.
Key Responsibilities of the Compliance Team
- Monitoring and assessing the efficiency of policies, procedures, processes, and systems in place at the bank
- Ensuring strict adherence to basic banking practices such as Know Your Customer (KYC) policies
- Identifying suspicious activities and alerting management and regulatory bodies
- Incorporating changes to regulatory guidelines through ongoing review and updating of procedures
Employee Training and Capacity Building
- Regular training sessions are held to equip employees with the necessary skills to identify suspicious transactions and prevent non-compliance issues
Independent Audits and Compliance Monitoring
- Conducts independent audits on a quarterly and yearly basis to ensure compliance with Central Bank of Iraq and international regulatory body rules
- Ensures compliance with internal policies, standards, guidelines, and procedures approved by the Board from time to time
FATCA Compliance
- Declared its status as a “FATCA compliant” financial institution under Model 2 IGA
- Assigned a FATCA GIIN (L7VZ9D.99999.SL.368) by the Internal Revenue Service (IRS)
The bank’s compliance policy requires all operations to be carried out in conformity with the highest ethical standards, full observance of applicable laws and regulations of Iraq, international best practices, and conventions collated by international bodies.
By taking these measures, Elaf Islamic Bank demonstrates its commitment to financial integrity and transparency, ensuring a secure and reliable banking experience for its customers.