Elaf Islamic Bank Implements Comprehensive Banking Compliance Program

In a move aimed at ensuring transparency and accountability in the country’s financial sector, Elaf Islamic Bank has implemented a comprehensive banking compliance program to adhere to anti-money laundering, combating terrorism financing and non-proliferation of weapons of mass destruction regulations set by the Central Bank of Iraq.

Compliance Department Overview

The bank’s revamped compliance department is responsible for monitoring and assessing the efficiency of its policies, procedures, processes, and systems to prevent any potential breaches. The team ensures that all customers are subject to thorough due diligence, with a risk-based approach used to classify them based on their profile.

Compliance Principles

• Elaf Islamic Bank takes compliance very seriously and has implemented strict Know Your Customer (KYC) policies to prevent any suspicious activities.
• The bank ensures that its operations are in line with the highest ethical standards.

Employee Training

The bank’s compliance team also conducts regular training sessions for its employees to equip them with the necessary skills to identify suspicious transactions and prevent non-compliance issues.

Compliance Initiatives

• Quarterly internal audits to verify compliance with Central Bank of Iraq regulations and international standards.
• Yearly external independent audits to ensure business activities comply with regulations.

FATCA Compliance

Elaf Islamic Bank has declared itself “FATCA compliant” under Model 2 IGA, having been assigned a Global Intermediary Identification Number (GIIN) by the Internal Revenue Service (IRS). The GIIN number is L7VZ9D.99999.SL.368.

Commitment to Compliance

Elaf Islamic Bank’s commitment to compliance reflects its dedication to operating in an ethical and transparent manner, as required by Iraqi laws and international best practices.