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Saturday 09 November 2019
Haidar Kazem Al-Adhari
Banks are committed to applying the most important international and local compliance standards, developing policies and procedures and organizing an appropriate guide with a dynamic approach as the situation prevails.
The function of the Compliance Department is to ensure that banks comply with all laws, regulations and circulars issued by the Central Bank of Iraq and government agencies in Iraq and abroad as international institutions, which determine the provision of advice and guidance and monitor and report to the Compliance Committee and the Board of Directors. On the extent of compliance in the Bank and compliance monitoring instructions as stated in Article 71.
The Compliance Department has a scope of work to determine the organizational structure of the compliance unit and the roles and responsibilities of its staff in the department, and is keen to ensure that the Bank complies with all the legislative and regulatory requirements issued by the Central Bank of Iraq and the relevant regulatory bodies, Also ensure that the bank complies with the bank's internal business procedures, which are relevant to the compliance function, ensure appropriate oversight and periodic reporting of the work of the compliance unit within the bank.
He is also keen to send quarterly reports to the Central Bank on time and is keen to follow the work of all sections in the specified bank and know the work of those departments, in the correct form, and the department will review the account files that have been opened in the bank in order to ensure the correct implementation of the policy (Know Customer
Compliance is responsible for monitoring and directing bank credits and protecting public deposits in the bank, as well as protecting shareholders' rights, and the bank is keen to participate in all courses held at the Central Bank and the Association of Iraqi Banks, and to send Bank employees to these courses for the purpose of obtaining regular training and the compliance department has a daily follow-up with the Money Laundering Unit of The Islamic World Bank to ensure the safety of the funds entering the bank and to take due diligence procedures and these funds are from a known source and are there. This proves the validity of these funds to prevent the use of the Bank's activities for money laundering and terrorist financing.
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