Financial Crime World

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Compliance Crucial for Financial Institutions in Iraq

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As the Iraqi economy continues to grow, financial institutions are under increasing pressure to ensure they are compliant with Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT) regulations. The Office of Combating Money Laundering and Terrorist Financing, established within the Central Bank of Iraq in 2007, is responsible for implementing these regulations.

Key Requirements

The AML/CFT office has several key responsibilities, including:

  • Receiving reports from financial institutions about suspicious transactions
  • Conducting communication and information analysis
  • Suspending financial transactions if necessary

Financial institutions are also required to have a compliance program in place, which includes:

  • Exchanging information with authorities
  • Participating in international organizations
  • Establishing a database for analyzing and disseminating information
  • Compiling statistics
  • Organizing training sessions
  • Providing technical assistance

MemberCheck Solutions

To help financial institutions navigate these complex regulations, MemberCheck offers a range of solutions, including:

  • Politically Exposed Person (PEP) and Sanction Check
  • Adverse Media Check
  • Customer Identity Verification
  • AML Consulting Service
  • Jurisdictional Risk Checks
  • Compliance as a Business

These solutions enable financial institutions to:

  • Scan for high-risk individuals
  • Check names against sanction lists
  • Conduct due diligence workflow

How MemberCheck Can Help

By using MemberCheck’s sophisticated scan filters and due diligence workflow, financial institutions can minimize the time spent sorting through false matches and access customer details whenever and wherever required. The solution also allows for customized reporting for auditing purposes, ensuring compliance with AML regulations.

Request a Demo

To learn more about how MemberCheck can help your financial institution stay compliant with AML/CFT regulations in Iraq, request a demo today.