Keywords: central bank will begin to apply international standards beginning this December (Details)
Keywords: central bank will begin to apply international standards beginning this December (Details)
30-11-2016 12:42 PM
East News –
The governor of the Central Bank and the Agency on the Keywords, said on Wednesday that the agreement signed by the United States aims to cut off funding for the organization (Daesh) and other terrorist organizations and prevent money laundering ‘, and pointed out that the bank will start applying the certified standards internationally in this regard the beginning of December next, with the exception that the process of removing zeros from the local process requires the availability of appropriate conditions, including the general stability in the country, he pointed out that the bank continues to technical preparations in this regard.
Keywords and said in a press statement, that ‘the first agreement of its kind between the Federal Reserve Bank and the US Treasury on the one hand and the Central Bank of Iraq, on the other hand, entered into to control the dollar remittances and ensure the prevention of access to illicit destinations’, indicating that the’ agreement includes cooperation and coordination and the exchange of information and financial data relating to the sale of foreign currency and circulation. ”
He Keywords that ‘The agreement aims to prevent the arrival of the foreign currency to Daesh and terrorist organizations, by ensuring and verifying that the financial and banking institutions that you purchase does not involve money laundering or terrorist financing operations’, adding that’ control mechanisms include several measures the most important , building databases and integrated electronic system that collects dollar selling window operations rather than paper processes’.
He said the central bank governor and the agency, that ‘mechanisms also include the introduction of a program (OFAC List) to verify that the persons and entities prohibited to deal with them globally and to ensure that their entry into dollar selling window, where already been implemented’, pointing out that ‘mechanisms also include work on the application standards and international compliance requirements, particularly in the application of the principle of know your customer to verify the sources of funds and legitimacy, where he was informed banks and the conversion of these requirements, where censorship is taking place and oversee the implementation and training and qualification of cadres working ‘.
He Keywords that ‘the bank provided financial Labour Organization (FATF) action taken to combat money laundering and terrorist financing’, stressing that ‘the actions taken by the Central Bank of Iraq, which led to eject Iraq from Category gray of the organization’.
Keywords and pointed out that ‘the bank enter the accredited international standards by an international auditing firm for the classification of financial and banking institutions, including ensure compliance with the requirements of the compliance of the law against money laundering and terrorist financing for the year 2015, where it will be applied to the beginning of December next.’
And on the application of the process of deleting the zeros of the Iraqi currency, confirmed the Keywords, that ‘the CBI did not specify a date for the deletion of zeros from the currency dinar’, noting that ‘subject to availability of appropriate conditions, including the general stability in the country.’
He stressed the central bank governor and the agency, the need to ‘ensure the success of the process of deleting the zeros requirements before starting out, so the central bank will continue technical preparations in order to be practical fit when deciding deletion’.
alsharqiaa.com
