Documents reveal that the Central Bank of Iraq imposes strict controls on the movement of funds belonging to senior officials.
Documents reveal that the Central Bank of Iraq imposes strict controls on the movement of funds belonging to senior officials.
2026-08-29
Shafaq News – Baghdad
The Central Bank of Iraq directed financial institutions to adopt general indicators related to senior officials and those holding high positions by virtue of their positions, with the aim of strengthening anti-money laundering and counter-terrorism financing measures and raising the level of control over sources of funds and account movements.
According to a document issued by the Central Bank and seen by Shafaq News Agency, the indicators represent the minimum requirements that must be taken into account towards this category of customers, with the possibility for financial institutions to develop additional indicators and scenarios according to the nature of their activity and the level of risks associated with it.
The indicators included cases of wealth or sources of funds not being commensurate with the client’s monthly income or known financial status, as well as the presence of unusual or high-value financial transactions that are not commensurate with the nature of the activity or position during or after the end of the position.
The indicators also included transfers or transactions with high-risk countries or regions without a clear economic justification, the use of third parties, companies, and complex ownership structures to conceal the true beneficiary or source of funds, as well as unjustified transactions with family members, close associates, or entities associated with the client.
The central bank also pointed out the need to pay attention to the presence of credible negative information relating to corruption, bribery, fraud or financial crimes, the failure to provide sufficient information or documentation regarding the source of funds or wealth, as well as sudden and unjustified changes in the pattern of transactions or the size of assets.
The bank confirmed that these indicators will be used when carrying out oversight work, and will be taken into account when assessing the effectiveness of the anti-money laundering and counter-terrorism financing system in financial institutions.
shafaq.com
