Here’s the converted article in markdown format:

Combating Money Laundering and Terrorist Financing in Iraq

Duties of the Bureau

The Bureau has several key duties to ensure effective combat against money laundering and terrorist financing.

Reporting Suspicious Transactions

• Report suspicious transactions related to money laundering, terrorist financing, or other crimes to the Public Prosecution Presidency.
• Prepare and submit annual reports on the bureau’s activities, statistics on notification reports, and trends in combating money laundering and terrorist financing.

International Cooperation

• Exchange information with relevant authorities and coordinate efforts in combating money laundering and terrorist financing.
• Participate in international organizations and conferences related to combating money laundering and terrorist financing.

Establishing a National Database

• Establish a national database for collecting, analyzing, and disseminating information on possible money laundering and terrorist financing activities.

Obligations of Financial Institutions and Designated Non-Financial Businesses and Professions

Financial institutions and designated non-financial businesses and professions have several key obligations to ensure effective combat against money laundering and terrorist financing.

Due Care Measures

• Take due care measures towards clients:
  • Identify and verify the client’s identity through documents or reliable sources.
  • Understand the purpose and nature of the business relationship.
  • Continuously follow up on transactions to ensure compatibility with available information about the client.
• Due care measures must be taken in specific cases:
  • Before and during opening an account or establishing a business relationship with a client.
  • When conducting operations exceeding a specified amount (determined by the Chairman of the Bureau).
  • During electronic transfers exceeding a specified amount.
  • When suspected of money laundering or terrorist financing.
  • When there is doubt about the validity, accuracy, or adequacy of previously obtained identification data.

Verification and Identification

• Financial institutions and designated non-financial businesses and professions may postpone verification of client identity until after establishing a business relationship (within guidelines set by control authorities).

Rules for Dealing with Clients

• Rules for dealing with clients shall be determined by instructions issued by the Governor.

Compliance and Corrective Action

• If any financial institution, designated non-financial business or profession is unable to comply with necessary care measures, it must notify relevant authorities and take corrective action.