The Central Bank calls on companies to mediate integration

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the Central Bank calls for companies to mediate to merge and identify a number of points[/size]
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Thanks Rocky, I think this is huge news, dealing with the sale and purchase of foreign currencies - getting "banks" to merge and have rules they have to follows - wow.

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The Central Bank calls on companies to enter into a merger and sets out a set of points
(Independent) ... called the Central Bank of Iraq companies to mediate the sale and purchase of foreign currencies to merge to form a single banking institution, based on the Companies Law No. (21) for the year 1997 amended.
The bank said in a statement received Tuesday from its aim to achieve financial and banking stability and create a competitive work environment, calling on companies wishing to merge to form a single banking institution based on the amended Companies Law No. 21 of 1997, The strength of the merged institution will create a failure to provide these institutions with rapid growth, and the formation of a larger entity will cover services that are more commensurate with the size of the merged institution and thus have access to broader financial services by the central bank commensurate with its size.
He explained that the merged companies will be classified according to the request submitted by them and will depend on the granting of privileges according to the merged category and as follows:
(A): A group of at least (10) companies in this category shall be incorporated and shall constitute a total capital of not less than (5,000,000,000) JD with the capital of each company before the merger (500,000.000) JD. On special privileges according to their size:
1. The name of the institution that will result in the merger (a money exchange company) and not mediating where the intervention activity will enter into the sale and purchase of foreign currencies within its activity as one of the privileges that you will enjoy.
2 - Enter the institution to the window of foreign currency and according to the amount of the weekly quota, which will be allocated according to the size of its capital.
3 - Allow them to carry out foreign remittances by contracting with one of the international transfer companies (Western Union, MoneyCram, Express Money, etc.) and give them a secondary agency.
4 - opening branches and not exceeding the number of (3) branches.
5 - Allow the work of internal cash transfers exclusively and does not exceed the capital and reserves in one working day.
6 - Allow the receipt of the agency (outlet) of the payment service providers authorized by this bank.
7 - the possibility of marketing for electronic payment cards approved through an agency from a bank or electronic payment companies approved by this bank.
8- Possibility of offering the company shares in the secondary market (stock market) after meeting the requirements of listing in the market after approval by the Ministry of Commerce / Registrar of Companies and Stock Exchange.
9 - To provide a letter of guarantee (20%) of the total capital and reserves for the bank, and the percentage is increasing by (2%) in accordance with financial services to be added in future in order to maintain its commitment to the requirements of leave granted to them.
10. The possibility of adding other services in the future in line with the activity of the exchange companies, which is compatible with the financial services provided by non-bank financial institutions globally.
11- The company sets up a globally approved electronic system to combat money laundering and terrorist financing.
12- The company will add (compliance, money laundering, risk management, financial awareness) to one or two employees for each division to inform the company of the requirements of this bank for combating money laundering and the financing of terrorism and its risk management and awareness of these companies and their importance in the economy and how to meet the needs Financial citizens.
12. Establish an accounting system for the activity of these companies and be able to issue reports covering the activities of the company.
(B): A minimum number of (5) companies in category (B) shall be merged, which shall constitute a total capital of not less than (2.500.000.000) JD with a capital of JD (500.000.000) for each company. This merged institution has the following privileges:
1. The name of the institution that will result in the merger (a money exchange company) and not mediating where the intervention activity will enter into the sale and purchase of foreign currency within its activity as one of the privileges that you will enjoy.
2 - Enter the company to the window of foreign currency and according to the amount of the share to be allocated in accordance with the size of its capital.
3 - Allow the receipt of the agency (port) of the payment service providers authorized by this bank.
4 - Allow them to transfer the internal cash only and the limits of the ceiling of cash does not exceed the capital and reserves in one working day.
5. To provide the letter of guarantee (40%) of its capital and reserves in favor of this bank in order to maintain its commitment to the requirements of the vacation granted to it.
6. Establish an accounting system for the activity of these companies and be able to issue reports covering the activities of the company.
7. The company establishes a global electronic system to combat money laundering and terrorist financing.
Category (C): This category will be granted to companies that do not wish to merge, which have not been granted any privileges as granted to the two categories above, except for the actions described below:
1. Preserving the designation of this group by brokerage companies for the sale and purchase of foreign currencies, which allow them to mediate and transfer only the internal.
2- The letter of guarantee shall be fixed at the limit of 80% of its capital due to the fixed value of its capital.
3 - not to allow them to enter the window of sale and purchase of foreign currency.
Note that the transfer of the rights and obligations of all integrated companies to the merged company or resulting from the merger is based on the provisions of Article (152) of the Companies Law No. (21) for the year 1997 amended and 
the Central Bank gave the brokerage companies 30 working days to provide them with their requests and proposals on this process . (End)


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