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Oversight manual / requirements mentioned in bank instructions / compliance activities

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Oversight manual / requirements mentioned in bank instructions / compliance activities Empty Oversight manual / requirements mentioned in bank instructions / compliance activities

Post by claud39 on Mon Jan 13, 2020 8:44 am

Oversight manual / requirements mentioned in bank instructions / compliance activities




January 13, 2020







Oversight manual / requirements mentioned in bank instructions / compliance activities News-157890323832747








To / All Approved Banks ( Supervisory Work Manual / Requirements mentioned in the CBI instructions / Compliance activities )








Issue: 6/2/9
Date: 1/7/2020
 

Subsequent to our uncles numbered 9/2/265 dated 27/6/2019 and according to the provisions of the Banking Law No. (94) for the year 2004 and the following instructions No. (4) for the year 2010 issued in the Iraqi Al-Waqa'iq newspaper numbered No. 4172 dated 3/1/2011 We attach a link to the above guide for your approval.
 

»To view the guide to supervisory work / requirements mentioned in the instructions of the Central Bank of Iraq /  compliance activities ... click here









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Post by claud39 on Mon Jan 13, 2020 8:54 am

January 13, 2020


Oversight manual / requirements mentioned in bank instructions / compliance activities News-157890323832747





Central Bank of Iraq / Banking Supervision Department

Introduction
According to Article 18, paragraph 3 of the Banking Law, No. 94 of 2004, and Article 71 of
Instructions to facilitate the implementation of the Banking Law No. (4) of 2010 as part of the efforts of the Central Bank of Iraq
Continuing to develop oversight of Iraqi banks, and to promote good practices at those banks,
The Iraqi Central Bank decided to be guided by the international banking practices that were adopted in light of the crisis

In 2014, these economic regulations (instructions) were issued regarding compliance risks
And its compliance activity. And that the Central Bank of Iraq inspectors be convinced when they see the documents submitted
By the banks that they follow effective policies and procedures, and that their departments take corrective measures
Appropriateness when those monitors diagnose their compliance failures. Compliance from the top of the bank hierarchy
ُ

Started
Compliance is effective (the bank), which is represented by its board of directors and this is, most often, in the culture of the institution
Emphasizes honesty and integrity standards, in which the Board and Executive Management are role models.
In exercising their leadership roles. Compliance is of concern to all bank employees, and should be seen as
A part that does not continue to perform any of its business, and banks must adhere to high-level standards when they
Its work, and strive at all times to implement the applicable laws regulating its work. Failure to
Whose actions its shareholders, customers, and employees take those resources into consideration the impact - its occurrence
And the banking market, which may entail the spread of negative publicity from banks, and damage
With its reputation, to a great degree, even if the banks have not broken any law as a result of their practices, which leads to
ً
The instability of the financial system and its conflict with the goal that the Central Bank of Iraq seeks to achieve based on
To his law.


Terminology definitions
Compliance risk is controls of legal or regulatory penalties, or financial loss
Tangible (intrinsic), or possible loss of reputation
The bank as a result of its failure to comply with laws, regulations and instructions
Banking Organization, issued by regulatory and supervisory authorities,
And the relevant regulatory standards that the bank sets for itself.

The compliance function is a standalone function that assesses the bank’s commitment to its operations
Daily banking for the requirements of relevant laws and instructions and make sure
Correct policies and procedures and avoiding errors and irregularities
The bank is exposed to various risks and in cooperation with the executive departments
The other one at the bank.

Compliance activity is the set of practical procedures that the compliance department of the bank performs.
The Compliance Department is the department responsible for carrying out the compliance responsibilities of the bank.

A holding company is a joint stock or limited company that controls a company or joint stock companies, or
Limited are called (subsidiary companies) (as mentioned in) Resolution No. (17) for the year
2019) Amending the Companies Law No. (21) of 1997.


Article 1: Establishing the compliance department and its duties

1) All banks (government, private, and banking groups) should establish a compliance department to do business
That section establish a policy that presents compliance activity and its inclusion in the organizational structure, and annual procedures
The board of directors of the bank to vote on it and present it to the competent department of the Central Bank of Iraq
For reference and approval. That the number of employees working in this section, and the amount of resources allocated
The size and diversity of banking activities and branches
Him, fit. The Compliance Department carries out an assessment of compliance
The bank performs its operations in accordance with the relevant legal requirements; this section also confirms the validity of that policy
And procedures, and seeks to avoid behavior by making mistakes and violations of laws, regulations, and codes.
In cooperation with the bank, which would implement the applicable, the bank exposed to various risks
Other
ُ
All divisions and units of the First Bank.

Article Two: - The minimum requirements for codes of conduct applicable to activities
Banking in light of compliance laws, rules and standards.

1) Laws, rules, and standards generally cover issues such as observing appropriate standards of behavior
The banking market, avoiding conflicts of interest, managing them if they happen, and practicing
Fairness in dealing with clients, and ensuring the suitability of the advice provided. It includes specific areas, including
For example, by structuring products to prevent money laundering and terrorist financing crimes, related tax laws
Banking, applicable. A bank that intentionally participates in financial or commercial transactions for its use
By customers to avoid regulatory requirements or financial reporting, and evade tax liabilities, or
Facilitating illegal behavior, which will expose the bank and the customer to significant compliance risks.

2) Compliance laws, rules and standards are various sources, including legislation, and the main rules and standards that are
Issued by legislators, controls and instructions issued by the Central Bank of Iraq, and market norms
Banking and internal codes of conduct applicable to bank employees. And for the reasons stated
All of these are likely to go beyond what is legally binding and include the standards of integrity and behavior mentioned above, and,
Broader ethical.


From the culture of the bank; this culture is not the responsibility of compliance staff

3) Compliance must be a part
Only professionals. Banks must be able to manage all the risks to which they are exposed
The bank complies
Representative
ً
Carry out an activity
, In a more effective way, if it were to put into place the requirements of a department
In Article III. Compliance As shown in these controls

4) Requires taking into account the size of the bank’s business along with the organizational structure of the compliance department. In large banks,
Compliance officers are placed within operational business lines to ensure the strict application of instructions to banks
Local or international. In small banks, the female activist is placed at the international level, compliance officials
Compliance department staff in one of the units. Most banks are independent in the specialized fields, for example
Data protection (Information Technology Section) and Anti-Money Laundering and Terrorist Financing Section.
Do what

5) Regardless of the way the compliance department is organized within banks, they must be independent and be provided
They have adequate resources, their responsibilities must be clearly defined, and their activities subject to review
Independent and periodic by the internal audit department of the bank. Contained in paragraphs (2-5) of Article (4)

The requirements apply to all banks, including "state-owned" state banks, and banks
Private, banking groups, and foreign bank branches. They are taken into consideration when applying them
The requirements depend on factors including the size of the bank, the nature of its business activities, the degree of its complexity, and the extent
The geographical location of those businesses, including the legal and organizational framework through which they operate within
Other than that
ُ
Iraq, and in countries where there are no bank branches.

Article Three: - The requirements of the Central Bank of Iraq for compliance activities with banks include a limit
Below:

1- Board of Directors' responsibilities for compliance.

The Board of Directors of the Bank is responsible for overseeing the management of compliance risks to which it is exposed
The bank. He must agree to the bank’s compliance policy, which includes preparing an official construction document


The Compliance Department is permanent and active in the bank, approving the appointment of the compliance controller and determining its fees.
The audit emanating from the Board of Directors is to conduct an evaluation in an effective manner and present it to the Board of Directors at once
At least annually

2- Responsibilities of the executive management of the bank for compliance:

الف Effective management of compliance risks with the bank.

 Establish a compliance policy and report it to the (Compliance Monitor) section, to implement it, report to the pop-up audit committee
On behalf of the Board of Directors regarding assessing and managing compliance risks with the bank and the Central Bank of Iraq, once
,
At least one quarterly and one extraordinary in the event of urgent risks arising. The executive management should implement it
Compliance policy, take responsibility for guarantees of corrective or appropriate disciplinary action, if
No violations were identified. The compliance observer shall inform the board of directors, or the committee emanating from him,
Failure to impose legal penalties or
Immediately, from any compliance failures that entail significant risks
Regulatory on the bank, or incur financial losses and affect its reputation.) Reports prepared by it must be
Compliance Director (Compliance Supervisor) is accurate, raised in a timely manner, and comprehensive in terms of handling
The strengths and weaknesses of the bank's compliance practices: It should also carefully identify any risks
Important, and any other financial violations
ُ
And irregularities that expose the bank to great risks.

Article IV: - Compliance Department requirements.

1 - The compliance department of the bank must be independent from the functional, administrative, and technical aspects and adopt a concept
Independence has four elements related to this independence, namely: -

 The Compliance Division should have an official capacity within the bank.
Take on the overall responsibility for coordinating compliance with the bank.

 To appoint a compliance observer, compression
 Not assigning compliance department staff, especially the compliance monitor, to a position where it can occur
Conflicts of interests between their compliance responsibilities and the duties of the position assigned to them.


 Compliance department staff have access to information and staff access, for implementation
Their responsibilities.

2 - The bank must obtain the approval of the Central Bank of Iraq to appoint and dismiss the compliance monitor
Reasoned.

3- The bank’s executive management must notify the board of directors of the compliance observer's assumption of his duties or leaving his position, if
For his position, he must also be notified of the reasons for his leaving these duties
The compliance monitor was not leaving. As for
Bank branches operating internationally, which have local compliance officials, must be notified
The Central Bank of Iraq assumes the compliance controller takes over his job or leaves it.

4- That the bank’s Compliance Division has adequate and appropriate financial and human resources
That should be provided for the compliance activity sufficient and adequate to ensure that the bank’s compliance risk management management is in place
By doing it effectively. The compliance activity personnel must possess qualifications, experience and professional characteristics
And personality, to be familiar with the laws and regulations in force.

5- That the employees have the compliance function the professional skills necessary to keep abreast of developments.
Compliance procedures, rules and standards, through educational and training sessions
Al-Mohandes for them, regularly.

6- The responsibilities of the compliance activity of the bank should aim to assist the executive management in managing risks
For these controls
ً
Compliance, which the bank faces effectively, and compliance responsibilities are determined accordingly.
If some of these responsibilities are performed by employees working in different departments, it should be
The allocation of responsibilities to each department is clearly defined. These responsibilities include:

 Advice.
 Guidance and education.
 Identify, measure and evaluate compliance risks.
 Monitor, test and report risks.

القانونية Legal Responsibilities and Connective Relationship. Coordination with relevant external bodies, including
. Moon, standards developers and external experts
The organizer

 Promote the responsibilities set out in the bank's compliance policy.
For periodic review by the Internal Audit Department.

ً
7- The scope and breadth of the compliance department should be subject

8- The bank’s executive management must involve the compliance department’s employees in professional development courses
And allocate the necessary amounts for that, for the purpose of keeping abreast with the latest developments in the field of compliance. And when he does
The Central Bank of Iraq evaluates the performance of the compliance department in any bank, it will be taken into consideration that these
From risk management
Whatever
Courses are part of the bank.

9- That the bank’s compliance department discuss and cooperate with the internal audit department regarding relevant information
Relevancy, in areas related to the assessment of the bank’s performance.
Y

10 - Banks must comply with applicable laws and regulations in all jurisdictions that execute
Compliance and its responsibilities are carried out in it, and that the organization and structure of the department of the entire apartment are in compliance with the legal requirements
Local organization
Walt. � 

11 - Compliance is a key activity in risk management within the bank. Sources may be used
To supervise
External to perform specific tasks related to the compliance activity, and those tasks and resources must remain subject
Both the bank and the company, which provide efficiencies by the compliance manager, remain the same. Don't use services
Outside the bank, they are accountable to this bank

Contents
Introduction ................................................. .................................................. .1
the definition ................................................. .................................................. 2
Article First: Establishing the Compliance Department and its meals ............................................ ............ 3
Article II: The minimum requirements for codes of conduct applicable to banking activities in
Light of compliance laws, rules and standards ............................................. ................. 3
Article Three: - The requirements of the Central Bank of Iraq for compliance activities with banks .................. 4
Article IV: - Requirements for compliance activity ........................................... ............. 5




https://cbi.iq/static/uploads/up/file-157855843652395.pdf
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Post by claud39 on Mon Jan 13, 2020 6:58 pm

Oversight manual / requirements mentioned in bank instructions / compliance activities


Oversight manual / requirements mentioned in bank instructions / compliance activities Image.jpeg.76088837d18bd67fa0e163b6302dfcac




Translation.....


Manual of supervisory measures The requirements mentioned in the (Instructions) of the Central Bank of Iraq.

On the basis of the period and article 18 of the banking law n ° 94 of 2004 and article 71 of the instructions aiming to facilitate the implementation of the banking law n ° 4 for the year 2010 and in the Central Bank of Iraq's continued efforts to develop oversight of Iraqi banks and promote good practices in these banks, the Central Bank of Iraq has decided to draw inspiration from the international banking practices adopted in light of the economic crisis that occurred in 2014. These instructions were issued instructions on compliance risks and compliance activity with them. And let the inspectors of the Central Bank of Iraq be convinced by informing them of the documents submitted by the banks

that they follow effective policies and procedures and that their departments take appropriate corrective measures when these controllers diagnose their shortcomings. Compliance begins at the top of the bank pyramid represented by its board of directors, and this compliance is most effective in the culture of the institution (the bank), which emphasizes standards of honesty and integrity, in which the board of directors and senior management sets an example in the exercise of its management functions. All employees of the bank are required to comply and the bank is to be viewed as an integral part of its business and banks are to be held to high standards when they continue to operate.

their activities and strive at all times to implement the applicable laws governing their work. Failure to take these sources into account will affect the effect of their actions on their shareholders, customers, employees and the banking market, which can lead to the spread of negative publicity from banks. And harm its reputation, to a large extent, even if the banks have not broken any laws because of their practices, which leads to the instability of the financial system and its contradiction with the objective that the Iraqi Central Bank seek the truth on the basis of the law.

Terminology definitions Automatic compliance risk The disabled compliance function is legal or regulatory sanctions, a tangible (material) financial loss or a loss of reputation that a bank may suffer due to its non-compliance with the laws, regulations and instructions governing banking operations, issued by regulatory and supervisory authorities, | The relevant regulatory standards that the bank sets for itself are an independent function that assesses the bank's commitment to its operations | Daily banking for the requirements of relevant laws and instructions, ensuring the accuracy of policies and procedures and avoiding errors and violations that would expose the bank to various risks and

cooperation with the other executive departments of the bank. Is the set of practical procedures that the bank's compliance department performs. This is the department responsible for assuming the bank's compliance responsibilities. Compliance activity The Compliance Department Holding is a joint-stock company or public limited company which controls a company or a joint-stock company or public limited companies called (subsidiaries) as indicated in Resolution n ° (17) for the year 2019 modifying Law No. 21 on companies. for the year 1997.


First: establish the compliance department and its functions (on all government, private and banking groups) establish a compliance department to carry out the compliance activity and include it in the organizational structure, and that this department establishes a annual policy and procedures that are presented to the bank's board of directors for voting on it and presenting it to the appropriate department of the Central Bank of Iraq is its benchmark and approval, and that the number of employees working in this section and the size of the resources allocated to it are adapted to the size and diversity of the activities of banks and their branches. The Compliance department makes a

assessment of the extent of the bank's compliance in the execution of its operations according to the following legal requirements: This section also confirms the validity of the policies and procedures, and aims to avoid making errors and violations of the laws, regulations and codes of conduct. professional, applicable conduct which will be exposed to various banking risks, in collaboration with all the services and units of other banks and Gifts which limit death to death (applicable to activities) Laws, rules and standards cover, in general, a fighter such as the observance of appropriate standards for the behavior of the banking market, the prevention of conflicts of interest and their management

if they occur, act fairly in dealing with clients and ensure the integrity of the advice provided to them, and includes specific areas, including the prevention of money laundering and terrorist financing offenses, tax laws related to the structure of pure and applicable products. The bank that intentionally engages in financial or commercial transactions to use it less than its customers in order to avoid regulatory requirements or financial reports, evade tax obligations or engage in illegal behavior that exposes the bank and the customer at significant consequential risk - Miscellaneous, including key laws, rules and standards established by legislators, controls and instructions

by central Iraqi girls, the standards of nostalgia for victory and the internal components of behavior applicable to professional employees and for the reasons that have been denied above, and the pain Tire that all of this violates what Vlzim Qanonia is and develops wider standards of integrity and ethical conduct

have reached, including the legal and regulatory framework through which it operates within Iraq, and in other countries where the bank's branches are located Article III - The requirements of the Central Bank of Iraq for compliance activities with banks include at least 1 - Responsibilities of the board of directors with regard to compliance. The bank's board of directors is responsible for overseeing the management of compliance risks to which the bank is exposed. It must accept the applicant's compliance policy and this includes the preparation of an official document to establish

Compliance Number) is permanent and efficient in the bank, and the automatic compliance monitor is determined and its costs are determined. The investigation committee issued by the board of directors must carry out an effective evaluation and present it to the board of directors at least once a year. Responsibilities of the bank's executive compliance department: Submit reports to the commission of inquiry of the commission of inquiry regarding the assessment and management of compliance risk with the Central Bank of Iraq, at least once per quarter, and exceptional in the event of urgent risks, and management must implement the compliance policy, undertake a

official It does not ensure that corrective or disciplinary measures are taken, if shortcomings are identified. The compliance controller must immediately inform the board of directors or its subcommittee of any successive failure entailing significant risks of imposing legal or regulatory sanctions on the bank, or of suffering financial losses and affecting its reputation. ). The reports prepared by the director of the Compliance Department must be accurate, timely and complete in terms of strengths and weaknesses of the conductor's compliance practices: they must be subject to professional risks, financial violations and other violations. Bank exposure to significant risks

Article four :. Requirements for the compliance department The bank's compliance department must be independent in terms of functional, administrative and technical aspects. The concept of independence depends on four elements linked to this independence, namely: - That the Proverbs Department has an official character within the bank to appoint a compliance observer, who has overall responsibility for risk coordination of compliance. The bank has an obligation not to assign the parish service staff, in particular the compliance controller, in a situation where conflicts of interest may arise between their exceptional responsibilities and the work of the accountant assigned to them. .

And that compliance staff have access to information and employees, in order to fulfill their responsibilities 2. The bank must obtain the approval of the Central Bank of Iraq to appoint and dismiss the compliance by decision 3. The general management of the bank must inform the board of directors that the proverb observer will assume his duties or will leave his post, and if the compliance auditor leaves his post, he must also inform them of the reasons of the termination of these functions. With regard to branches of internationally operating banks, which have local compliance officers, the Central Bank of Iraq should be informed that the

Proverbs Observer will assume the functions of its work or leave 4 that the bank's compliance department has sufficient and appropriate financial and human resources and that the resources that should be provided for a compliance activity are adequate and appropriate to ensure the compliance risk management. with the bank to carry out their work, and the personnel of the compliance activity must have the qualifications, expertise and professional and personal characteristics, to familiarize themselves with the laws and regulations in force

5 - The employees of the compliance function have the necessary national skills - to keep abreast of developments in compliance procedures, rules and standards, by regularly organizing training courses organized for them 6 - Responsibilities of compliance the activity of the bank must aim to assist the executive management in the management of the compliance risks with which the bank is effectively confronted; the responsibilities of the compliance activity are defined according to these controls and if some of these responsibilities are exercised by employees working in different departments, the distribution of responsibilities between each department should

be specified. Clarity. These responsibilities include: advice. MODE) orientation and education. Identify, measure and assess compliance risks. Risk monitoring, testing and reporting.

o. Legal responsibility, self-contact and coordination with the external parties concerned, regulators, standard setters and external experts are responsible for maintaining the responsibilities defined in the bank's compliance policy. That the scope and breadth of the compliance department be subject to periodic review by EE-M. . The executive management of destiny must supervise the employees of the compliance department in professional development courses and roast the amounts necessary for this, in order to keep abreast of recent developments in the field of compliance, and when the Iraqi central construction assesses the performance of the moderation service in any bank,

it will take into account that these effects are part of the risk management of the banker with relevant information, and that the bank's compliance department interacts and cooperates with the internal audit department with regard to relevance, in areas related to the evaluation of the bank's performance

Banks must comply with applicable laws and regulations in all areas of jurisdiction in which they operate, and the organization and structure of the compliance department and its responsibilities must be coordinated with all legal requirements and compliance is one of the basic risk management activities within the bank. Sources can be used to perform specific tasks related to the compliance activity, and these tasks and sources must remain under the effective supervision of the director of the compliance department. The bank and the company providing the services used by the bank are always responsible to this bank.



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