Financial Crime World

Iraq’s Financial Services Regulatory Bodies: Strengthening Anti-Money Laundering and Countering Financing of Terrorism Efforts

As Iraq navigates its economic recovery, its financial services regulatory bodies are playing a crucial role in combating money laundering and countering financing of terrorism. In this article, we will explore the efforts of the Office of Combating Money Laundering and Terrorist Financing (OCMLTF) and how it is working to strengthen anti-money laundering (AML) and counter-financing of terrorism (CFT) measures.

The OCMLTF: A Key Player in Iraq’s Financial Regulatory Landscape

Established within the Central Bank of Iraq in 2007, the OCMLTF has been reconfigured with complete independence since 2015. The office is responsible for:

  • Receiving, acquiring, or investigating reports about operations suspected of including proceeds of original crime, money laundering, or terrorism funding.
  • Communicating or analyzing information to carry out its tasks and suspending financial transactions or activities if necessary.

AML/CFT Efforts: A Collaborative Approach

The OCMLTF transmits communications based on reasonable suspicion of money laundering, terrorism funding, or predicate offenses. Legal action is taken by the Presidency of the Public Prosecution, and notifications are sent to appropriate authorities. Additionally:

  • Financial institutions and designated non-financial businesses and professions are required to have a compliance program in place.
  • These programs aim to:
    • Leverage the country to exchange information on money laundering and terrorism financing
    • Participate in international organizations and conferences
    • Establish a national database for analyzing and disseminating information
    • Compile statistics
    • Organize training sessions
    • Notify regulatory authorities of violations
    • Provide technical assistance

Compliance Made Easy with MemberCheck

To comply with these regulations, financial institutions can turn to MemberCheck’s solutions. The company provides a secure and simple solution for:

  • Scanning for politically exposed or high-risk individuals
  • Checking names against sanction, regulatory, law enforcement, and other official lists

MemberCheck’s sophisticated scan filters and due diligence workflow minimize the time spent on false matches, while its reporting sections allow customers to access details and download reports for further investigation or auditing purposes.

Conclusion

The OCMLTF plays a vital role in Iraq’s financial services regulatory landscape, ensuring that the country’s efforts against money laundering and countering financing of terrorism are effective and efficient. With MemberCheck’s solutions, financial institutions can rest assured that they are taking the necessary steps to comply with AML/CFT regulations and protect their businesses from financial crimes.

Request a Demo Today

Learn more about how MemberCheck can help your business stay ahead of the curve in terms of AML/CFT compliance. Request a demo today and discover the benefits of using MemberCheck’s solutions.