Dinar Daily
Would you like to react to this message? Create an account in a few clicks or log in to continue.

Get Daily Updates of the NEWS & GURUS in your EMAIL

Enter your email address:

Compliance in the banking system DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

Compliance in the banking system

Go down

Compliance in the banking system Empty Compliance in the banking system

Post by claud39 on Sat Nov 09, 2019 4:00 pm

[size=36][rtl]Compliance in the banking system[/rtl][/size]

Saturday 09 November 2019

Compliance in the banking system 980-Alsabbaq

Haider Kazem Adhari 

Banks are committed to applying the most important international and domestic standards of compliance, setting policies and procedures and organizing appropriate guidelines with a dynamic approach to the situation.

The function of the Compliance Section is to ensure that banks comply with all laws, regulations and circulars issued by the Central Bank of Iraq and government entities in and outside Iraq as international institutions, which determine the provision of advice and guidance and monitor and report to the Compliance Committee and the Board of Directors on compliance and instructions to monitor compliance In Article (71).

The Compliance Department has a scope of work to determine the organizational structure of the Compliance Unit and the roles and responsibilities of its employees in the Section. It is relevant to the Compliance function and to ensure appropriate oversight and periodic reporting on the work of the Compliance Unit within the Bank.

It is also keen to send quarterly reports to the Central Bank in a timely manner and is keen to follow up the work of all sections in the specified bank and know the work of those sections, properly and the section reviews the files opened in the bank to ensure the correct implementation of the policy (know your customer 

Compliance is responsible for monitoring and directing bank credits and protecting the public deposits in the bank, as well as protecting the rights of shareholders. The bank is keen to participate in all courses held at the Central Bank and the Iraqi Banks Association. The Compliance Department shall follow up daily with the Money Laundering Unit of the Islamic World Bank to ensure the safety of funds entering the Bank and take due diligence procedures. E funds to prevent the use of the Bank's activities for money laundering and terrorist financing.


VIP Member
VIP Member

Posts : 15011
Join date : 2018-11-04

Back to top Go down

Back to top

Permissions in this forum:
You cannot reply to topics in this forum