Financial Crime World

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Financial Institutions in Iraq Struggle to Combat Terrorist Financing

Iraq’s financial institutions are under increased pressure to prevent terrorist financing, amid growing concerns over money laundering and other illicit activities. The country’s Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Office has been established within the Central Bank of Iraq since 2007, with the aim of combating these threats.

Responsibilities of the AML/CFT Office

The AML/CFT Office is responsible for:

  • Receiving reports from financial institutions about suspected money laundering or terrorist financing activities
  • Analyzing information
  • Suspending transactions
  • Transmitting communications to relevant authorities when necessary

Requirements for Financial Institutions in Iraq

Financial institutions in Iraq are required to have a compliance program in place to prevent money laundering and terrorism financing. This includes:

  • Exchanging information with competent authorities
  • Participating in international organizations
  • Establishing a database for analyzing information
  • Providing training sessions for concerned personnel

Challenges Facing Financial Institutions in Iraq

However, the country’s financial institutions face significant challenges in complying with these regulations. These include:

  • A lack of resources
  • Inadequate infrastructure
  • Limited international cooperation

Solution from MemberCheck

To address these challenges, MemberCheck provides financial institutions in Iraq with a secure and simple solution for scanning for politically exposed or high-risk individuals, as well as checking names against sanction, regulatory, law enforcement, and other official lists. The company’s sophisticated scan filters and due diligence workflow minimize the time spent on false matches, allowing institutions to focus on high-risk customers.

Additional Features from MemberCheck

In addition, MemberCheck provides access to:

  • Customer details
  • Reporting sections
  • Downloadable reports, which can be customized for further investigation or to provide evidence of AML program compliance for auditing purposes

Call to Action

For more information on how MemberCheck can help financial institutions in Iraq combat terrorist financing, request a demo today.