The Association of Private Banks establishes a due diligence cycle in opening accounts

The Association of Iraqi Private Banks announced on Monday the launch of a training course entitled "Due diligence in opening accounts and know your customer KYC" in cooperation with the integrated solutions company and the participation of 74 employees in Iraqi banks.

The Executive Director of the Association of Private Banks, Ali Tariq, told the "Economy News" that "the Association of Private Banks organized a two-day training course, noting that" this session was held due to increased interest in the topics of combating money laundering and financing of terrorism and the process of opening accounts and due diligence Which is explained by Iraqi law and the instructions of the Central Bank of Iraq and international norms, which is the main pillar and gate for the process of combating money laundering and financing terrorism.

He added that "the beneficiaries of the course are the employees in the branches of banks and the sections of the current and compliance and combating money laundering and operations," noting that "the axes of the session will be on the types of bank accounts and the mechanism to open accounts and documents required and know your customer (KYC) and the mechanism to fill the form and instructions of the law against money laundering and terrorism financing "He said.


The Association of Private Banks has established many courses in the fight against money laundering and the financing of terrorism. He also called on the Governor of the Central Bank Ali Alalak earlier, private banks to the need to train banking cadres on the latest means of combating money laundering and financing of terrorism and risk management.



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