Iraqi Financial Institution Passes Compliance Audit with Flying Colors
In a major success story, Elaf Islamic Bank has announced that it has successfully completed a comprehensive compliance audit, demonstrating its commitment to adhering to anti-money laundering and combating terrorism financing regulations set by the Central Bank of Iraq.
A Commitment to Compliance
The bank’s revamped compliance department played a crucial role in ensuring that all necessary policies, procedures, and processes were in place and effective. The team carried out regular monitoring and assessment of customer due diligence, identifying and escalating suspicious activities to management and regulatory bodies.
- Regular monitoring and assessment of customer due diligence
- Identification and escalation of suspicious activities to management and regulatory bodies
Staying Up-to-Date with Regulatory Guidelines
Elaf Islamic Bank also demonstrated its commitment to staying up-to-date with changing regulatory guidelines by incorporating updates into its procedures and processes on a continuous basis. The bank’s employees received specialized training on compliance issues, enabling them to identify suspicious transactions and prevent non-compliance issues.
- Continuous updating of procedures and processes
- Specialized training for employees on compliance issues
Audit Results
The audit, which was conducted on a quarterly and yearly basis, included in-house and external independent reviews of the bank’s operations. The results showed that Elaf Islamic Bank is fully compliant with Central Bank of Iraq and international regulatory bodies’ rules on anti-money laundering, combating financial terrorism, and non-proliferation of weapons of mass destruction.
Compliance Policy
The bank’s compliance policy emphasizes the importance of operating in accordance with the highest ethical standards, applicable laws and regulations, and international best practices. The policy also requires compliance with internal policies, standards, guidelines, and procedures approved by the Board from time to time.
FATCA Compliance
In a related development, Elaf Islamic Bank has declared itself “FATCA compliant” under the Financial Institution Single Status reporting regime. The bank’s Global Intermediary Identification Number (GIIN) is L7VZ9D.99999.SL.368, which was assigned by the Internal Revenue Service (IRS) as part of its Foreign Account Tax Compliance Act (FATCA) regulations.
- GIIN: L7VZ9D.99999.SL.368
- FATCA compliance under the Financial Institution Single Status reporting regime