Requirements for opening a branch or office for providers of electronic payment services via mobile phone (licensed)

Based on what was stated in Article (Fifth / 3) of the instructions for organizing the work of providers of electronic payment services via mobile phone issued under this bank’s book numbered number (1143/23) in 27/8/2020, we list below the requirements for opening a branch or office:

 

First / Branch opening requirements:

The company that wants to open a branch inside Iraq has to submit an application to this bank for the purpose of obtaining prior approval to open the branch, provided that it includes the following basic conditions:

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Presenting a comprehensive and detailed economic feasibility study to open the branch that includes the purpose of its establishment, the services it will perform, the source of its financing, and the extent of the market need to open the branch in the geographical area in which the company intends to open a branch.

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That the company has made a profit for the last two financial years, enabling it to open the branch.

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Provide us with the cost of opening the branch with a detailed schedule.

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Providing us with the title deed or lease contract certified and sealed with heat stamp in the name of the company exclusively for the headquarters that the company will use as a branch.

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Conducting an on-site inspection of the company's branch headquarters by this bank to ensure its validity.

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Nominating a candidate to occupy the position of branch manager for the purpose of obtaining the approval of this bank in accordance with the instructions for describing professions issued by this bank according to our letter numbered No. (115/3/9) on 4/15/2015.

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Appointing liaison officers for the following main company branch divisions (Compliance / AML / CFT).

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The bank may request any other additional information it deems appropriate.

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Pay the wages declared by the bank.

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The branch shall be subject to the supervision and inspection of this bank, as necessary.

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Second / Requirements for opening an office:

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Providing us with the title deed or lease contract certified and stamped with a heat seal in the name of the company exclusively for the headquarters that the company will use as an office.

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Conducting a site inspection on the office that represents the company to ensure its suitability for work.

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Provide us with the name of the office manager and the evidence for not being sentenced to a felony or misdemeanor involving dishonor

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For the office to be a point of contact between the company and the main and minor customers and agents.

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The bank may request any additional information it deems appropriate.

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That the office is subject to the supervision and inspection of this bank, as necessary.

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