Parliamentary Finance: most of the banks in Iraq do not apply the principle of "know your customer"

Parliamentary Finance: most of the banks in Iraq do not apply the principle of "know your customer"

15/12/2016    09:16








Parliamentary Finance Committee, confirmed on Thursday that some of the banks, whether government or civil does not apply common in the banking sector in all countries of the world, a principle "know your customer", calling on them to be more assertive in money laundering cases.

Said committee member Majda al-Tamimi's "Tomorrow's Press," that "the principle of know your customer is common in all the world's banks is an example of the real bank, which wants to keep his reputation and heard his customers and shield them a lot of problems, both in his own country or other correspondent banks with which it deals."

She added, "The most active banks in Iraq do not apply this principle, which has become a very urgent at this stage because of the nature of the financial environment in Iraq and what we are witnessing today from the financial and economic problems caused losses and the loss of a lot of money, which reflected the fact the service and social in the country."

And demanded al-Tamimi, banks need to be "more assertive and intensity with issues related to money laundering issues and with zero tolerance and that there be coordination with various stakeholders."


http://alghadpress.com/ar/news/82434/82434