Introduction:
These guidelines have been prepared in line with international standards for combating money laundering, terrorist financing and proliferation (the Financial Action Task Force (FATF) recommendations updated in 2022), and international best practices in the same regard, for the purpose of banks and non-banking financial institutions working to reduce the risks of non-compliance with the sanctions lists. Local and international and the resulting consequences of losses (financial, legal, and reputation); for the purpose of achieving openness towards broader horizons of ""internal and external"" dealing by providing guidance and assistance to financial institutions subject to the supervision of this bank to help them improve their understanding and effective performance of their legal obligations specified in accordance with the applicable legal and regulatory framework. This bank, the Anti-Money Laundering and Combating the Financing of Terrorism Law, and the instructions and controls issued pursuant thereto.
Chapter One: Definitions and concepts related to penalties
First, definitions: Penalties: States must ensure that there is a range of effective, proportionate, and dissuasive penalties, whether criminal, civil, or administrative penalties, available to deal with natural persons or legal persons covered by Recommendations (6) and Recommendations (8 to 23) of the recommendations. Financial Action Task Force (FATF) who fail to comply with anti-money laundering and counter-terrorist financing requirements, and sanctions must be applied not only to financial institutions and designated non-financial businesses and professions but also to their directors and senior management. Targeted financial sanctions: sanctions imposed on specific individuals or institutions and includes both asset freezes and embargoes to prevent funds or other assets from being made available, directly or indirectly, to individuals, entities, groups or organizations subject to sanctions. Money: Assets or properties obtained by any means, such as national currency, foreign currency, securities, commercial securities, deposits, current accounts, financial investments, instruments, documents whatever their form, including electronic or digital, precious metals, precious stones, commodities, and anything of financial value, including real estate. Or movable property, and the rights related to it and the interest and profits derived from that money, whether inside or outside Iraq. And any other type of funds determined by the Council for the purposes of this law, in a statement published in the Official Gazette. Listing: Identification of the individual or entity subject to the sanctions specified under Security Council Resolutions No. (1267) of 1999, (1373) of 2000, (1988) of 2011, (1989) of 2011, (1540) of 2004, or (1718) of the year 2006 or (2231) of 2015 and other relevant Security Council resolutions or as a result of their inclusion on local or international lists. Sanctions List: Names of individuals and entities subject to sanctions specified under international resolutions, their data, and reasons for listing. Relevant resolutions issued by the United Nations Security Council: Security Council resolutions issued under the provisions of ""Chapter VII of the United Nations Charter"" that aim to prevent and obstruct the financing of terrorism, including
Decisions related to the so-called Islamic State in Iraq and the Levant (ISIS), Al-Qaeda and individuals, groups and entities associated with it, as well as persons, groups, facilities and entities associated with the Taliban that threaten the security, peace and security of Afghanistan and who pose a threat to international peace and security due to terrorist acts. The Anti-Money Laundering and Terrorist Financing Council: It is the Council that was established in accordance with Article (5) of the Anti-Money Laundering and Terrorist Financing Law No. (39) of 2015, headed by the Governor of the Central Bank of Iraq, and among its tasks is to follow up on the implementation of the sanctions imposed due to non-compliance with the resolutions of the United Nations Security Council. With regard to the financing of terrorism and the suppression and disruption of the spread of weapons of mass destruction. Terrorist Assets Freezing Committee: It is the committee formed in the General Secretariat of the Council of Ministers and headed by the Deputy Governor of the Central Bank of Iraq, which is responsible for implementing targeted financial sanctions related to the funds or economic resources of terrorists listed locally or at the request of another country based on the relevant resolutions issued by the Security Council. at the United Nations or those designated by the UN Sanctions Committee pursuant to a relevant resolution of the Security Council. United States Assets: Includes funds and other financial assets subject to sanctions, for example the following: A – Cash, checks, transfers, payment orders, bearer instruments, and other online or digital payment instruments including virtual currencies. B - Deposits with financial institutions and balances in accounts, including but not limited to (fixed or short-term deposits, stock trading with banks, brokerage companies, or others). C - Commercial and personal loans and the interest resulting from them. Shares in commercial companies. Publicly and privately traded securities and debt instruments, including stocks, securities certificates, bonds, securities, and derivative contracts. F - Interest, profits, or value accumulated from or resulting from assets. G - Credit, the right of set-off, guarantees, performance bonds, or other financial obligations.
- H - Letters of guarantee, bills of lading, bills of sale, receipts and other documents proving interest in funds or financial resources. I - Insurance and reinsurance. Economic Resources: Assets of any kind, whether tangible or intangible, movable or immovable, actual or potential, that can be used to obtain money, goods or services such as equipment, furniture, machinery, ships, aircraft, vehicles, precious stones, petroleum products, refineries and related materials, including This includes chemicals, lubricants, metals, timber or other natural resources, weapons and related materials, raw materials and components usable in the manufacture of explosive devices or non-conventional weapons, and any type of proceeds of crime, including agriculture, production and illegal drug trafficking, patents, trademarks, copyrights, etc. Forms of intellectual property and Internet hosting services. Second: The legal scope of the guidelines: 1 - Anti-Money Laundering and Terrorist Financing Law No. 39 of 2015. 2 - First Amendment No. (4) of 2022 to the Regulation on Freezing Terrorists’ Assets No. (5) of 2016 issued by Cabinet Resolution No. (271) of 2016.
Third: Types of financial sanctions: There are two main types of financial sanctions: 1. Freezing assets: Freezing is the prohibition of transferring, transferring, disposing of, or moving funds, equipment, or other media when they are owned by specific persons or entities or controlled by them based on a decision issued by A competent court, a competent administrative body, or a terrorist funds committee under the freezing mechanism based on actions taken by the United Nations Security Council or in accordance with its decisions and the duration of the decision’s validity. 2. Prohibition of giving or providing money and services: Prohibition of providing money or financial services or other related services to any individual, group or entity listed on the international sanctions list. This includes, for example, (opening bank branches in countries subject to sanctions, providing financial services or trading resources natural, etc.).
Fourth: The goal of targeted financial sanctions: Targeted financial sanctions aim to deprive some individuals, groups, organizations and entities of any means that would allow them to undermine local and international peace and security, support terrorism, or finance the spread of weapons of mass destruction. To achieve this, the sanctions seek to ensure that funds or financial assets are not made available. Or economic resources of any kind to the listed entities as long as they remain subject to the restrictive measures. Persons (natural and legal) should note that the restrictions imposed - through targeted financial sanctions published by the United Nations and the local freeze list - may change, and all individuals or entities must ensure that Relevant and updated controls and procedures in order to effectively implement the targeted financial sanctions restrictions.
Fifth: Target group: The procedures for prohibiting dealing, including prohibiting the availability of funds, apply to: 1. Individuals and entities included on the terrorist list designated by the Committee for Freezing Terrorists’ Assets or included by the Security Council on its unified sanctions list. 2. Any entity, owned or controlled, directly or indirectly, by an individual or entity, listed on consolidated, international and local ban lists. 3. Any individual or entity acting on behalf of, at the direction of, or under the management of a listed individual or entity. 4. If the asset is wholly or partly owned or controlled by a listed individual or entity and continues to produce benefits, for example in the form of profits or interest, the relevant proportion of these benefits is subject to the freezing measures.
Sixth: Restrictions related to sanctions. Restrictions related to sanctions include the following: 1. Prohibition of transferring funds to and/or from a sanctioned country. 2. Prohibiting the transfer of funds from and/or persons or institutions whose names are specified in the sanctions regulations. 3. Freezing the assets of any government, agency, individual or institution within the sanctions regulations. 4. Prohibiting specific types of economic and commercial activities within a sanctioned country. H. Imposing a travel ban on persons named in the sanctions regulations. 6. Other financial and diplomatic restrictions.
Seventh: Violation of financial sanctions is any behavior that would prevent the implementation of decisions issued by international and local committees and constitutes a case of non-compliance with these decisions, for example: 1. Dealing with an individual or entity listed on the sanctions lists. 2. Transferring money to and/or from a sanctioned country. 3. Dealing in prohibited goods and services within a high-risk country. 4. Making assets available to individuals and entities listed on sanctions lists. Eighth: Responsibility for compliance with international sanctions: 1. The institution’s senior management bears responsibility for compliance with the international sanctions program. 2. Senior management is responsible for developing the financial sanctions program compliance policy, including assigning responsibility for monitoring any non-compliance business practices. 3. Follow up on developments related to the decisions issued by international bodies that issue sanctions and verify that the bank’s policies and programs related to compliance with these decisions are updated accordingly. 4. Establishing a culture of dealing seriously and respectfully and not being complacent in dealing with any incident quickly and decisively. 5. Preparing reports regarding the sanctions compliance program and any developments issued by international bodies in this regard, which have an impact on the bank’s operations.
Chapter Two: Sanctions Compliance Program
Sanctions Compliance Program Financial institutions must take appropriate steps to develop, implement, and regularly update their sanctions compliance program; In order to fulfill its obligation to comply with the instructions of the regulatory authorities in this bank regarding the sanctions issued by the United Nations Security Council, the sanctions compliance program also helps financial institutions in managing their exposure to the risks associated with international financial sanctions programs and the restrictive measures they implement. Financial institutions design and update their own sanctions compliance program, the scope and level of their risk profile, tailored to the nature, scale and complexity of their business, the products and services they offer, the customers and partner relationships they maintain, and the geographies in which they operate. The sanctions compliance program includes the following basic elements: First: Senior Management Commitment 1. Ensure that the sanctions compliance program is reviewed and approved. 2. Review and approve the methodology used to conduct the risk assessment, and approve a risk assessment on an annual basis. 3. Identify the employees responsible for ensuring the proper implementation of the sanctions compliance program, including daily operations, and compliance with legal obligations. They must have the appropriate competencies and experience, be appropriately trained to perform the duties and responsibilities associated with this role, have sufficient seniority, and be delegated authority. and independence in order to carry out their responsibilities. 4. Ensure that there are direct reporting lines between employees responsible for the sanctions compliance program and senior management to facilitate the escalation of financial sanctions issues, including periodic meetings. 5. Fully integrate the sanctions compliance program into daily operations and allocate sufficient human resources, expertise, information technology, and other resources as appropriate. 6. Identify the reasons for the failure of the sanctions compliance program and implement the necessary measures to reduce the recurrence of this in the future, by addressing the root causes and implementing solutions.
Second: Risk assessment: Institutions must take appropriate steps to conduct a regular and updated assessment of risks to identify and understand them in line with the nature and size of their business, while there is no “one-size-fits-all” risk assessment. The assessment process must generally consist of a comprehensive review of financial institutions and when To determine potential risks, the following must be taken into account: - Any weaknesses related to the following: A - Its clients, brokers and counterparties. -1 B- Its products and services, including: How and where do these elements and products, services, networks, or other financial or commercial systems fit? C – The geographical location of the institution, as well as its clients, intermediaries and counterparties. D - Distribution channels and business partners. E - The complexity and size of its transactions. F - Developing new products and business practices, including new delivery mechanisms, channels and partners. G - Using new or advanced technologies for both new and pre-existing products and services. 2- Institutions must document risk assessment processes, keep them continuously updated and make them available upon request. 3- The results of the risk assessment are an integral part of the sanctions compliance program, procedures, internal controls and training in order to mitigate risks effectively.
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4- Organizations must develop and carefully document their own risk assessment methodologies to identify, analyze, and address them to reflect the methodologies, behavior, and root causes of any systematic violations or deficiencies identified. Third: Acceptance of Sanctions Risks Financial institutions must develop a program to accept sanctions risks approved by senior management to enhance due diligence through policies, procedures, and standards for examination systems, as follows: 1. The program must determine the extent to which the systems bear the risks of sanctions applied to the institutions. That financial institutions determine their approach to mitigating the risks of breaching unilateral sanctions, particularly in the context of sanctions that may have extraterritorial effects or may have for designated persons, the Central Bank, or the General Secretariat of the Council of Ministers/Terrorist Assets Freezing Committee (e.g. OFAC secondary sanctions). Must consist of 3. Financial institutions must determine their approach to screening aliases such as single word, or ship names. Financial institutions must identify and document any exceptions to their approved policies and procedures related to accepting sanctions risk, and approval must be obtained from senior management.
Fourth: Internal Controls 4 1. Financial institutions must maintain strong and clear ""internal"" controls that ensure the effective implementation of the sanctions compliance program, including policies, procedures, processes, and systems. 2. Financial institutions must document how their systems and processes are set up to demonstrate that they are reasonable in detecting and managing the specific sanctions risks to which they are exposed and to ensure the transparency of any restrictions or system risks for which detection screening controls are not designed.
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3. Financial institutions must establish a mechanism to ensure immediate and effective action to identify compliance gaps and their root causes, including all software, systems and other technologies related to the program, and address them by implementing systematic solutions to reduce the chances of failure in the future. Fifth: Policies and Procedures 1. Financial institutions must maintain written, clear and comprehensive policies and procedures to enable them to manage and mitigate the risks of sanctions they have identified, commensurate with the nature and size of their business. 2. It must ensure that policies and procedures are approved by senior management and that they: A- enable financial institutions to clearly and effectively identify, prevent, escalate and report suspicious transactions and activities. B- Designed specifically for the organization and taking into account the organization’s daily operations and procedures. C – Easy to follow and designed to prevent employees from engaging in misconduct. Prevents employees, directly or indirectly, from informing the customer or any third party that the freeze or any other measures will be implemented. Requires enhanced due diligence on all clients and transactions assessed as high risk. G - Contain sufficient details of its record-keeping obligations. 3. Financial institutions must ensure the effective and consistent implementation of policies and procedures related to the sanctions compliance program across their institutions, including branches, subsidiaries and other organizations in which the financial institutions have a majority stake.
4. Financial institutions must review and update policies and procedures in a timely manner in response to emerging events or risks and ensure that these updates are communicated to employees in a timely manner. A formal review process must be implemented at least annually of policies and procedures at the appropriate levels subject to approval, where changes are material. 6. Any exceptions or deviations from policies and procedures related to the sanctions compliance program must be identified and documented, and must also be approved by senior management. Sixth: The training program. Maintaining and implementing the compliance program requires that there be training to implement the compliance program to include all employees and management concerned with requirements, obligations, policies, procedures, internal control mechanisms, threats, risks, and weaknesses. Therefore, the Office of the Compliance Controller, along with the Center for Banking Studies at this bank, is responsible for organizing training courses in a capacity Periodically to raise awareness of all employees, as a strong training program is an integral part of an effective sanctions compliance program, and the training program must include the following topics: Issues 1- The concept of international economic sanctions should be introduced. 2- An introduction to the international committees issuing international sanctions. 3-The importance of complying with international economic sanctions. 4- The risks of violating international economic sanctions. 5- An explanation of the international sanctions compliance program and the employee’s role in it according to his job duties. 6- Providing training for all new employees joining the job in a timely manner and for all employees and at least annually. 7- Evaluating employees after undergoing training.
8- When carrying out, auditing or discovering any risk assessment or breach of the sanctions compliance program, immediate and effective measures must be taken to provide corrective training or other corrective measures to the employees concerned. 9-It is done. Save all. ۔ Training records at least include the names of the trainees. Names of lecturers. Training materials. Course dates and locations. It follows: Seventh: Independent auditing and testing of processes and systems. Independent auditing helps institutions evaluate the function of compliance with international sanctions and the effectiveness of operations and improve them, by reducing their risks by assessing the adequacy of the sanctions compliance program and verifying any conflict between the policy, procedures and daily operations in order to identify weaknesses and deficiencies in The programme, as independent audits must consist of the following: 1- Reviewing and evaluating the effectiveness of financial sanctions policies, procedures, systems and controls. 2- The responsibility falls on the internal audit function, or on a specialized independent external auditor, or both, and providing it with specialized human resources and providing appropriate training. 3- It must be proportionate to the level of risks of international sanctions and their expansion of scope on individuals and entities, in terms of quantity and quality. 4 - Ensure that the audit function is independent from the activities and functions subject to oversight, and has sufficient authority, skills, experience and resources within the organization. Addressing the observations contained in the report’s results according to their degree of risk and taking the necessary steps to determine and implement treatment procedures.
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Eighth: Keeping records in accordance with the Anti-Money Laundering and Terrorist Financing Law No. (39) of 2015. Financial institutions must keep the following records and documents for a period of (5) five years from the date of the end of the customer relationship or from the date of closing the account or executing a transaction for an occasional customer, whichever is longer and includes: Make them available to the competent authorities as quickly as possible: 1- Copies of all records obtained through the due diligence process in verifying transactions, including documents indicating the identity of the actual beneficiary customers, accounting files, and business correspondence. 2- All records of local and international transactions, whether actually executed or attempted, provided that these records are detailed to the extent that allows re-enacting the steps of each transaction separately. 3- Copies of the reports sent to the Anti-Money Laundering and Combating the Financing of Terrorism and related matters until the expiration of five (5) years from the date of submitting the report or the date of the final ruling in a related lawsuit, even if that period exceeds that period. 4 - Records related to the risk assessment or any information related to its conduct or updating.
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Chapter Three: Procedures for Verifying Individuals and Entities and Evading Sanctions
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First: Verification procedures towards individuals and entities: Conducting a search and investigation process by examining the customer database on a daily basis for the purpose of verifying the names included in the local and international sanctions lists and ensuring the daily updating of the system against changes in these lists, provided that this examination includes the following: Not dealing 1. Individuals: Search the search and investigation system approved by the institution regarding the individual (passport, national card, civil status ID, nationality certificate). Search for full name with surname. Alias for individuals. - birth date. Nationality. - Permanent address and any other address. 2. Entity: The name of the entity is Arabic and English. - The trade name if it has a name other than the official one approved on the external registration plate. Certificate of incorporation. Number of branches with addresses. Second: Cases of suspicion: The search and investigation process within international and local sanctions lists regarding individuals and entities (former client, applicant, final beneficiary... etc.) results in many positive matches, as not all matches in the name (first, third, etc.) mean ) That the individual or entity is on the international sanctions list, which requires banks and non-banking financial institutions to exercise due diligence.
For the purpose of verifying and as follows: of the status and storing of all actions taken according to the results extracted from the system, 1. Possible match: A possible match is when there is any match between the data contained on the sanctions lists and any information in your databases. 2. Confirmed Match: A match is confirmed when it is confirmed that the potential match is the individual or entity subject to the targeted financial sanctions or when there is any suspicion or doubt that the individual or entity is designated on the sanctions. 3. False positive: A false positive is when a match is confirmed to be incompatible. Third: Freezing measures: 1. Freezing measures are taken immediately in the event of a confirmed match in the name of a person or entity listed on the sanctions lists, in accordance with Article (5/Sadsha) of the Terrorist Assets Freezing System No. (5) of 2016, which stipulates the following: ( Any person must notify the Terrorist Assets Freezing Committee within three (3) days of taking the freezing measures. 2. Article (19) of the above system (Financial institutions, designated non-financial businesses and professions, and any other party are obligated to freeze funds and other assets included in the freezing decisions issued by or notified by the Committee, and to immediately inform the Committee of any information available to it in this regard). 3. Article (21) of the aforementioned system (Financial institutions, business owners, designated non-financial professions, or any other person in possession of funds that have been decided to freeze under Clause (First) of this Article must not dispose of them and inform the party that imposed the freeze and the office of that).
Fourth: Examples of freezing funds and economic resources and prohibiting the provision or provision of financial services, or other services from reporting entities and other competent authorities, which are implemented by financial institutions: 1. Preventing any movements or transactions on existing accounts, immediately freezing their balances, and preventing the account holder from using his account to make withdrawals or carry out any other financial transaction. 2. Preventing the disposal or transfer of any amount from the electronic payment wallet whose owner is found to be a listed person or entity. 3. Failure to disburse the loan balance that was previously approved by the microfinance company to a client who has become a listed person or entity. Fifth: Sanctions Evasion To evade international and local sanctions, targeted individuals and entities use a set of methods that may be difficult to identify from financial institutions, as they must remain wary of attempts to evade or avoid circumventing activities subject to sanctions. The methods used to evade sanctions include: For example (rebranding, use of intermediaries, creation of front companies, use of alternative financial networks), then financial institutions must monitor not only sanctions violations, but also alerts to potential evasion risks and remain vigilant for new ways to evade sanctions. Accordingly, one must not engage in any activities that could be part of a sanctions evasion plan, including but not limited to: 1- Advising clients or counterparties. 2- Delete, obscure, alter, or distort any information about customers or transactions. 3- Accepting incomplete or incorrect information and submitting it to the authorities that impose sanctions.
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Sixth: The mechanism for accessing the UN Security Council lists and the national list. All financial institutions, non-financial businesses and professions, non-profit organizations, and all persons and entities are obligated to examine the United Nations lists and the national listing list, when conducting any transaction or entering into a business relationship with any person or entity to ensure To ensure that it is not included on the aforementioned lists, which may be subject to changes, and to achieve this purpose, the lists can be accessed by referring to one of the following sources: The United Nations website: The Security Council has a unified list of all persons and entities subject to sanctions from the United Nations sanctionscommittees, so that those lists are published. And the updates that occur on the website, at the following link: www.un.org/securitycouncil/content/un-sc-consolidated-list/https: The website of the Office for Combating Money Laundering and Terrorist Financing, and the sanctions list, the local and international list, at Following link: Publication in the Official Gazette. https://www.aml.iq/ Seventh: Maintaining lists of international and local sanctions: Banks and non-banking financial institutions must maintain lists of international and local sanctions issued by their reliable sources for the purpose of researching and investigating individuals and entities within these lists and updating them continuously (24 hours). .
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Eighth: Possible Red Flag indicators of sanctions. The following are some indicators that this bank can look at or monitor to determine possible circumvention of sanctions by clients: 1- Transactions in sectors exposed to financing terrorism or the spread of weapons of mass destruction, for example (the sector Finance, remittances, oil and gas sector, non-profit organizations, international trade). 2- Direct dealings with countries with high risks of financing terrorism. 3- Direct dealings with sanctioned countries, in which the sanctioned persons are known to work. 4 - Dealing with goods subject to sanctions or embargoes. 5 - Identify documents that appear to be forged or forged. 6- Using fictitious companies through which money can be transferred locally and internationally. 7- Identifying documents that have been tampered with or modified without a clear explanation, especially those related to international trade. 8- The activity that was financed is not related to the original or intended purpose of the company. - Complex legal entities that seem intended to hide the ultimate beneficiary. 10 - Conduct multiple cash withdrawals from automated teller machines (ATMs) within a short period of time and across geographical locations where sanctioned persons have influence or through sanctioned countries. 11- Violations during customer due diligence, which could include, for example: A- Providing inaccurate information regarding the source of funds or the relationship with the counterparty. Refusal to fulfill requests to provide additional documents on the “Know Your Customer” form or to provide clarification regarding the ultimate beneficiary of the funds or goods.
24 Central Bank of Iraq Board of Directors
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There are instructions for international dealings with regard to sanctions and many other issues. This ia all becuase Iraq is going international. I like it.. imo Obvious signs changes are in the works.KEep in mind Bloomberg is even now talking about internal and external transfers in Iraq? Why? We know why.. imo~ MM
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""The federal government's fiscal year runs from October 1 of one calendar year through September 30 of the next.""
https://www.usa.gov/federal-budget-process#:~:text=The%20federal%20government's%20fiscal%20year,September%2030%20of%20the%20next. | | | |
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