The central bank sets standards to meet the purchase of foreign currency by banks

The news agency Buratha 100 08/10/2016

The central bank, announced Wednesday, all positioned to meet the criteria for purchase of foreign currency by the banks, and among the institutions that would be classified into several categories, stressed that the failure to meet some of the paragraphs will be the denial of entry of selling currencies window.

The bank said in a statement that "to facilitate the real beneficiaries for the dollar and prevent irregularities in banks and firms conversion approved to comply with the requirements of compliance and the law against money laundering and terrorism financing, the principles and criteria issues fulfill requests to buy dollars for the benefit of customers from remittances, cash or credit it will rely on the commitment of these banks and the requirements of international standards and comply with the law against money laundering and terrorist financing controls and instructions issued. "

The bank added that "the commitment would depend on the outcome of the Iraqi Central Bank to assess the performance of compliance officers and officials of the units reporting of money laundering and terrorism financing and risk management units have operations,"

Noting that "the assessment will also depend on the extent to comply with the requirements to disclose the sources of funds of customers and verified and documented, as well as the extent of the training programs and courses conducted by these banks and companies effectively."

The bank said that "the assessment will also include the extent of the obligation to disclose the real direct beneficiary of the transfers and letters of credit and the sources of their money, in addition to countless dealing banks beneficiary messaging abroad seed from one of the international rating agencies, as well as the commitment of these banks and companies conversion to send reconciliations statements of their assets accounts open the Outer banks. "

The bank pointed out that "the assessment will also include the proportion of the use of the style of documentary credits to finance foreign trade instead of money orders, in addition to the completion of the contract tasks with an international audit firms known for an evaluation of their financial positions and the quality of their assets operations, as well as the extent of the banks commitment to take prompt and effective measures to maintain public deposits and entitlements to be provided upon request and the commitment also sends lists of the names of beneficiaries of dollar-buying currency for the purposes of foreign trade financing to the Central Bank to secure sent to the General Administration of Customs and the General Authority for taxes in a timely manner. "

The bank "stressed institutions from banks and money transfer will be classified into several categories according to the evaluation results that may be obtained and Stalpi applications category that you get a reputation Supreme continuously and at rates higher than the foreign currency, and will be re-evaluating the levels of these institutions in accordance with those standards every three months or when you get variables in performance with reference to the failure to satisfy paragraph results of the central bank assessment of the performance of compliance and reporting money laundering operations to the denial of access to the window actually officials. "

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