|Today, 17:15 |
Today, Wednesday (January 31, 2024), Central Bank Governor Ali Al-Alaq confirmed that decisions have been taken to prevent a number of banks and companies from obtaining the dollar for not adhering to local and international requirements, while indicating that he has reached the final stages of regulating foreign transfers.
Al-Alaq said in an interview with the official agency, followed by “NEWS,” that “there is a big difference between including a bank on the sanctions list by the Office of Foreign Assets Control (OFAC) and stopping a bank from dealing in dollars, which does not represent a punishment as much as it motivates the bank to adhere to the requirements.” Local and international compliance and combating money laundering and terrorist financing. He added, "Banks can correct their positions and obligations required to enter into their foreign transactions in a way that ensures the safety of the local and international system from risks."
He pointed out that "talk about the issuance of decisions by the US Treasury to punish a number of Iraqi banks is inaccurate, and what was issued recently only relates, so far, to Al-Huda Bank and the Chairman of its Board of Directors." He pointed out that "the US Treasury praised the Central Bank's regulations for banks, which included conditions and standards for external transfers and opening accounts with internationally accredited foreign banks."
He explained that “what is mentioned regarding other banks is that the Central Bank, in continuous operations, deprives some banks for reasons related to factors or issues of compliance with instructions, controls, and rules for combating money laundering and terrorist financing,” noting that “there is a Fines and Penalties Committee that issues dozens of decisions weekly, especially since and after the platform was implemented.” Electronic banks have become obligated and required to follow compliance rules and sound international standards.”
Al-Alaq stressed that “the Central Bank has continuous reviews from time to time and issues decisions to prevent banks from dealing in the dollar with the aim of ensuring that compliance is at the required level and within international standards,” noting that “there are decisions taken against a number of banks and dozens of exchange companies and preventing them from accessing... The dollar after recording notes on it. In order for banks to be able to carry out external transfer operations or sell the dollar, they must have a response to compliance requirements and international standards, and whoever records that they do not meet such requirements will be prohibited from dealing in the dollar, not as a punishment for those banks, but rather as an incentive for them to implement the standards. International".
Al-Alaq pointed out that “there are high rejections on the electronic platform that will be completed during the current year, which indicates that there are violations or failure to observe the conditions for applying entry or conducting external transfer operations.”
Al-Alaq said: “The Central Bank has reached the final stages in the framework of regulating external transfers to banks,” reiterating that “banks that do not adhere to the normal procedure at the Central Bank will be deprived of obtaining dollars until they achieve compliance with the standards, after which they will be returned.
Moreover, these banks There is no decision to stop her work, include her on the sanctions list, or prevent her from practicing her normal activities. Rather, this is limited to preventing her from obtaining dollars only until the requirements for the safety of external transfer operations are met.”
The Governor of the Central Bank indicated that “directives were issued to all banks wishing to enhance their balance with correspondent banks in all currencies by appointing an external auditor (according to Paragraph II/4 below) for the purposes of reviewing transfers in advance of the process of sending transfers, as the banks wishing to enhance the balance must provide us with Information on the names of the companies they wish to contract with within a maximum period of next February 29, along with attaching the draft contract, which must include the bank’s commitment to authorizing the company to share the quarterly audit reports with the Banking Supervision Department at the Central Bank directly by the auditing company on dates no later than April 15 for the quarterly report. July 1 and 15 for the second semester report, October 15 for the third semester report, and January 15 for the fourth semester report.
He stressed that "the deadline for contracting and starting the audit company's work will be the 31st of next March." Regarding the status of requests for reinforcement in the dollar currency, Al-Alaq stated that “requests from banks that have correspondent accounts with an American bank are accepted exclusively, and the entry for depositing the Iraqi dinar equivalent to the amount of the reinforcement must be attached at the official rate of 1310 dinars/dollar.”
He stated that, “With regard to reinforcements in other currencies (except the US dollar), requests for reinforcement are accepted at the banks of the currency country to enhance balances, provided that the classification of these banks is either the same as the country’s classification or only one rank lower than it and in a manner consistent with Iraq’s import requirements from those countries, or that the correspondent bank shall be accredited as a clearing bank for the currency to be consolidated (House, Clearing). However, if the correspondent bank is outside the country of currency, its credit rating must be no less than (A).”
He stated that “the requests are sent without attaching equivalent deposit restrictions, provided that they include a pledge to the banks to pay the amounts equivalent to the enhancement requests in addition to this bank’s commissions (0.002)% and the correspondent bank’s commissions as soon as the banks are provided with the required amounts via the official email ( ifr.inv@cbi.iq ) Because banks that have a correspondent account with an American bank can complete transfers in all currencies using this account, there is no possibility of accepting enhancement requests submitted by them in different currencies other than the US dollar.
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Al-Alaq is quite clear in that there are rules to abide by and that there are reasons for rejections to external transfers. External transfers are cross border transactions, think imports and exports. We know that the are 13 top external auditing firms that the Central Bank named in the recent list for banks to use.
The articles complaining about the restictive circumstances placed on banks this week are likely connected to those that do not seem to like the new rules in place, that require tehm to abide by international best practices. Those that are required to perform external transfers. Get ready Iraq. Things are going global for you and it is about time. Those that buck the system will have issues. imo
There is more and more to come out on the Iraqi dinar and related topics. Check the Crew out! They have solid real time data to support where Iraq is in her monetary and financial reforms.. imo Enjoy... ~ MM | | | |
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