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Request a demoIraq’s AML/CTF supervisors
The Anti-Money Laundering and Terrorist Financing Law No. (39) specifies that an office known as the Office of Combating Money Laundering and Terrorism Financing must be established in the Central Bank of Iraq as a separate entity. The Office of Combating Money Laundering and Terrorist Financing (Money Laundering Reporting Office) was established in 2007 within the Central Bank of Iraq's structure and was reconfigured in 2015.
How do you comply with AML/CTF regulations in Iraq?
Anti-Money Laundering and Counter-Terrorism Financing Office in Iraq requires the reporting entities to perform the following duties.
Receiving, obtaining, or looking into reports or data about operations suspected of using proceeds from original crimes, money laundering, or funding for terrorism from reporting bodies.
Analysis of communication or information. The AML/CTF office must obtain from the reporting entities any additional information it determines is required for carrying out the analysis to complete its obligations.
If there is a worry about proceeds smuggling or harm to the analysis' integrity, the financial transaction or activity will be suspended for a maximum of 7 working days.
The transmission of communications with the Presidency of the Public Prosecution taking legal action and alerting the competent authorities in the event of a reasonable suspicion of money laundering, funding for terrorism, or predicate offences.
A compliance program is necessary for designated non-financial businesses and professions in Iraq as well as financial institutions. Together, these initiatives will help Iraq achieve the following goals.
Coordinating with them in this regard and exchanging information on money laundering and terrorism funding with the appropriate authorities in government agencies and the public sector.
Participation in the Republic of Iraq's representation in conferences and international organisations focused on combating the funding of terrorism and money laundering.
Creating a database that is accessible to the AML/CTF office as a national hub for analysing and disseminating data about potential money laundering or terrorist funding, as well as supporting judicial authorities in implementing the law's provisions.
Assembling and analysing thorough data on matters pertaining to the duties of the AML/CTF Office.
Holding training workshops for concerned staff to keep them informed of the most recent developments in the field of money laundering and terrorism financing.
Notifying regulatory authorities or other competent authorities of any financial institution or non-financial firms and professions that fail to adhere to the AML/CTF law's requirements.
Giving technical support for agreements and treaties relating to money laundering and terrorism financing.
How can NameScan help?
We offer our clients a secure and user-friendly solution for scanning politically exposed or high-risk individuals. We also cross-reference names against official lists, including sanctions, regulatory, law enforcement, and other relevant databases. This comprehensive approach aims to minimise your risk and establish digital trust.
Make the most of our advanced scan filters and rigorous due diligence process to significantly reduce false matches and save valuable time. Our in-depth reporting features provide quick and easy access to client information. You can download customised reports for further analysis or to demonstrate compliance with your AML program during audits.