The Central Bank sets standards for compliance with banks wishing to enter the currency auction

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The Central Bank sets standards for compliance with banks wishing to enter the currency auction

Post  Admin on Tue Apr 11, 2017 9:35 am

Tuesday, 11 April 2017 - 3:48 PM


The Central Bank of Iraq, the steps of the criteria for compliance with banks wishing to enter the window of the sale auction of foreign currency.


"The Central Bank of Iraq conducted the first review of the classification of banks participating in the window of sale and purchase of foreign currency and the importance of the degree obtained by the bank in the compliance standard (compliance, anti-money laundering, risks)," the director of the Central Bank's Information Office, Acer Jabbar, said in a statement.


 "The subject of compliance is the cornerstone of entry into the foreign currency buying and selling window.

 Accordingly, the bank must obtain a satisfactory and convincing degree of success for the CBI regardless of the other grades of the other criteria.

 If the required degree of compliance with the compliance standard is not met, The introduction of the bank to the window and accordingly the issue of compliance should be given high importance. "

 "Banks that have not yet achieved the degree of success in the compliance standard are required to take the necessary measures to reach the level of success (more than 50% of the benchmark) within one month of the date of these uncles, and if they fail to obtain that degree, From entering the window until it is corrected. "

 "Banks should continue to support and adjust the procedures, policies and human resources of the Compliance Standard, reaching a level above 65% of the Standard to ensure that the Bank's rating is accepted and that its participation in the Window remains in the next review (August 2017)".

http://www.imn.iq/archives/145569

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Re: The Central Bank sets standards for compliance with banks wishing to enter the currency auction

Post  Admin on Tue Apr 11, 2017 10:12 am

To / All Authorized Banks (Compliance Standard)
2017/4/11



http://www.cbi.iq/documents/Announcem%2011-4-2017.pdf

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