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TNT
Tishwash:
The Central Bank requires banks to implement 79 scenarios for monitoring money laundering and terrorist financing.
The Central Bank of Iraq has directed all licensed banks to implement updated scenarios for monitoring suspected cases of money laundering and terrorist financing, setting the end of December 2026 as the deadline for completing their activation on anti-money laundering (AML) systems.
The bank explained that the update is based on international standards, Financial Action Task Force (FATF) recommendations and Iraqi legislation, taking into account technological developments and financial products currently in use.
The updated scenarios included 79 cases, including warning indicators, potential risks, verification procedures and risk levels, most notably unjustified transfers, splitting of deposits and remittances, use of shell companies and invoices, misuse of cards and checks, and dealing with sanctioned entities.
The cases also include unclear sources of funds and suspicious increases in capital, with the aim of enhancing banks’ ability to detect suspicious transactions and verify the sources of funds and the nature of financial operations. (LINK)
An Iraqi bank offers flexible banking solutions to three-quarters of a million customers.
The National Bank of Iraq affirmed its strengthening presence and position in the banking sector, relying on a wide network of branches and a growing customer base, noting the provision of an integrated system of banking services and solutions directed at individuals and companies to support economic activity and meet the financial needs of various segments of society.
The bank said in a statement that “the geographical spread of the bank is a testament to the expansion it has witnessed over the past years, as it has a network of 51 branches throughout Iraq, in addition to its branch operating in the Saudi capital, Riyadh, which contributes to facilitating trade and investment between the two countries. The bank also keeps pace with the daily needs of its customers through a network of more than 500 ATMs, enabling them to access banking services easily and flexibly.”
He added, “To serve the business sector and large companies, the bank provides an advanced liquidity management system, which includes dedicated cash counting centers and large deposit processing centers in both Al-Saadoun and Al-Jadriya branches in Baghdad, in addition to a specialized center in Erbil, which contributes to enhancing operational efficiency, accelerating the completion of transactions and meeting the requirements of companies.”
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The National Bank of Iraq affirmed that “reaching a customer base of 750,000 customers reflects the trust it has gained over the past years, and its ability to respond to the growing needs of individuals and companies,” noting that “maintaining this trust requires continuing to develop the quality of services and improve the customer experience.”
The bank explained that “the integration of its branch network, digital channels, and the efficiency of its staff constitute a fundamental pillar in its strategy aimed at expanding access to financial services, providing more efficient and flexible banking solutions, and enhancing its contribution to financing economic activity in Iraq.”
He explained that “this operational system, along with a range of digital solutions offered by the bank through its banking applications for individuals and companies, supported by an integrated call center operating around the clock (24/7), provides support and responds to customer inquiries, thus enhancing the ease of completing their banking transactions and ensuring their continued access to services.” (LINK)
Source: Dinar Recaps
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