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Central Bank fined four banks, one Government $ 40 million.
Author: HM
Editor: AA
Wednesday, February 27, 2013 12: 50 GMT
Alsumaria news/Baghdad
The
Iraqi Central Bank, said Wednesday it fined four banks, one Government
for $ 40 million in a theft case, noting that the banks haven't taken
caution in banking transactions.
The Bank said in a statement
posted on his website and read the Sumerian "news", it "has been fined
each of the Rafidain Bank, Ministry of finance and three banks, namely
the North, Baghdad and the economy $ 40 million for stealing money from
Rafidain Bank by fraud", stating that "each Bank of the four banks will
pay 10 million dinars."
The Bank said that "those banks broken
instructions for verifying the client's identity, adding that it had not
taken precautions and due diligence in financial transactions under the
anti-money laundering Act No. 39 of 2004 and the Banking Act No. 94 of
2004".
Recently increased particularly after the 2003 robberies
and fraud at banks either staff or clients and most recently, on 12
February 2013, great misappropriated exceeds the amount of the issue 15
billion dinars by the employee in the Rasheed Bank.
He founded
the Central Bank as an independent institution under the law of the 6th
of March of 2004 and is responsible for maintaining price stability,
monetary policy implementation, including exchange rate policies and the
management of foreign reserves and currency management, as well as
banking sector regulation to promote competitive and independent
financial system.
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Author: HM
Editor: AA
Wednesday, February 27, 2013 12: 50 GMT
Alsumaria news/Baghdad
The
Iraqi Central Bank, said Wednesday it fined four banks, one Government
for $ 40 million in a theft case, noting that the banks haven't taken
caution in banking transactions.
The Bank said in a statement
posted on his website and read the Sumerian "news", it "has been fined
each of the Rafidain Bank, Ministry of finance and three banks, namely
the North, Baghdad and the economy $ 40 million for stealing money from
Rafidain Bank by fraud", stating that "each Bank of the four banks will
pay 10 million dinars."
The Bank said that "those banks broken
instructions for verifying the client's identity, adding that it had not
taken precautions and due diligence in financial transactions under the
anti-money laundering Act No. 39 of 2004 and the Banking Act No. 94 of
2004".
Recently increased particularly after the 2003 robberies
and fraud at banks either staff or clients and most recently, on 12
February 2013, great misappropriated exceeds the amount of the issue 15
billion dinars by the employee in the Rasheed Bank.
He founded
the Central Bank as an independent institution under the law of the 6th
of March of 2004 and is responsible for maintaining price stability,
monetary policy implementation, including exchange rate policies and the
management of foreign reserves and currency management, as well as
banking sector regulation to promote competitive and independent
financial system.
[You must be registered and logged in to see this link.]
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