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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Reasons for the expansion of the phenomenon of “unlicensed” electronic payment cards in Iraq

    Rocky
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    • Post n°1

    Reasons for the expansion of the phenomenon of “unlicensed” electronic payment cards in Iraq Empty Reasons for the expansion of the phenomenon of “unlicensed” electronic payment cards in Iraq

    Post by Rocky Mon 30 Oct 2023, 2:33 pm

    Reasons for the expansion of the phenomenon of “unlicensed” electronic payment cards in Iraq
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    Baghdad today - Baghdad
    Today, Monday (October 30, 2023), expert in financial and banking affairs, Saleh Al-Bankari, identified the reasons leading to the expansion of the phenomenon of “unlicensed” electronic payment cards in Iraq.
    The banker said in an interview with “Baghdad Today” that “several reasons stand behind the expansion of the phenomenon of unlicensed electronic payment cards in Iraq, perhaps the most important of which is the smuggling of the dollar through an attempt to circumvent the procedures and controls set by the Central Bank,” pointing out that “the matter has become tangible.” Especially with the repeated seizures of cards at airports and border crossings while trying to smuggle them.”
    He added, "The solution lies in restricting the issuance of cards to official bodies and licensed companies, while adopting specific and strict controls at the same time regarding the mechanisms for dealing with the granting of salaries and other obligations, while subjecting them to laws that address other sensitive files related to money laundering and terrorist financing in order to limit any attempts." It aims to smuggle dollars.”
    He pointed out that "the major corrupt people, who are influential parties, are behind the phenomenon of unlicensed electronic payment cards in an attempt to smuggle the dollar, which requires deterrent measures that contribute to determining the mechanisms for dealing with cards through the state and its institutions and officially licensed companies."
    Last week, the Central Bank of Iraq warned against dealing with “unlicensed” entities that issue electronic payment cards in order to avoid falling into financial fraud.
    The bank said in a statement today, “Based on its role in regulating the use of electronic payment tools in accordance with standard standards and approved practices, and with the aim of protecting the public from fraud and deception, it has recently been observed that some unlicensed parties have issued and promoted electronic payment cards.”
    According to the statement, in this regard, the Central Bank of Iraq warns against dealing with these entities in order to avoid fraud and financial fraud, stressing the importance of verifying their licenses before using their cards and applications in order to benefit from their services, and relying on the websites and official channels of licensed companies and banks.
    The statement noted that it is possible to identify electronic payment service providers licensed by the Central Bank of Iraq through its official website ([You must be registered and logged in to see this link.]
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