Editor: AR 08/10/2016 13:42 Number of Views: 154
Long-Presse / Baghdad
Select the Iraqi Central Bank, on Wednesday, seven criteria against which to meet the needs of the dollar to banks and remittance companies, as he emphasized that the institutions would be classified according to those standards, he pointed out that it will be adopted every three months.
The central bank said in a document obtained (range Bs) a copy of it, that “the requirements of the working interest and to facilitate the real beneficiaries for the dollar and prevent irregularities in banks and companies remittance to comply with the requirements of compliance and the law against money laundering and terrorism financing issues, so the central bank adopted principles and criteria to meet dollar purchase requests for the benefit of customers of those institutions (remittances, credit, cash) and summed up by seven points. “
He added that the seven criteria are as follows:
1. Over the banks and remittance requirements and standards of international law and comply with anti-money laundering and the financing of terrorism in accordance with the commitment shown below:
(A) the results of the Iraqi Central Bank to assess the performance of compliance officers and officials of the units reporting of money laundering and terrorism financing and risk management operations units.
(B) the extent of the obligation to disclose the sources of funds to customers’ (the principle of know your customer) and verified and documented.
(C) the effectiveness of training programs and training courses carried out by the institutions.
(D) the extent of institutional obligation to disclose the real direct beneficiary of the transfers and letters of credit and the sources of their money.
2. Survey dealing beneficiary banks and messaging (abroad) seed from one of the international rating agencies.
3. The extent of your commitment to send matches coupes assets of institutions open accounts with foreign banks.
4. The proportion of the use of the style of documentary credits to finance foreign trade, rather than transfers.
5. contracted tasks with an international audit firms known to make an assessment of financial institutions centers and the quality of their own assets completion operations.
6. Over the banks commitment to take prompt and effective measures to maintain public deposits and entitlements to be provided upon request.
7. The extent of the obligation to send lists of the names of the beneficiaries of the dollar buying for the purposes of foreign trade financing to the Central Bank to secure sent to the General Administration of Customs and the General Authority for taxes in a timely manner.
He noted the central bank, according to the document that “the (banks and the conversion would be classified into several categories according to the evaluation results that may be obtained will be met category that you get of the technical Supreme continuously demands and higher proportions of foreign currency and will be re-evaluating the levels of these institutions in accordance with those standards every three months or when for variables in the performance, with reference to the failure to meet the provisions of paragraph 1 above leads to the denial of access to the window inevitably. “
The bank pointed out that he “will be organized by the middle of the month of August 2016 for monitors compliance officials reporting units for money laundering and risk departments in institutions for the evaluation mechanism in the light of the reports submitted by the Central Bank of configurations periodically or when needed.”
The Central Bank of Iraq was established independently as a bank under a law issued on the sixth of March 2004, as an independent body, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies being sessions a day for buying and selling currencies.