The central bank determines the criteria for the purchase of foreign currency from banks

The central bank determines the criteria for the purchase of foreign currency from banks

– August 13, 2016

13415

The central bank determines the criteria for the purchase of foreign currency from banks

Baghdad, Dalia Ahmed

The central bank set standards to meet the purchase of foreign currency from banks, stressing that the institutions would be classified into several categories and that the failure to meet some of the paragraphs which will be the denial of entry of selling currencies window.

A statement yesterday that (get real beneficiaries on the dollar and prevent irregularities in banks and firms conversion approved in the commitment to the issues of the requirements of compliance and the law against money laundering and terrorism financing, the principles and criteria meet the demand to buy dollars for the benefit of customers from remittances, cash or credit it will rely on the extent the commitment of these banks and the requirements of international standards and comply with the law against money laundering and terrorist financing controls and instructions issued).

He added that (commitment will depend on the results of the bank's performance calendar for compliance officials and officials of the units reporting of money laundering and terrorism financing and risk management units have). The statement said that (Calendar will also depend on the extent to comply with the requirements to disclose the sources of funds of customers and verified and documented as well as the extent and training programs carried out by those banks and companies effectively).

Direct beneficiaries

He said the (calendar will also include the extent of the obligation to disclose the real direct beneficiary of the transfers and letters of credit and the sources of their money as well as inventory dealing banks beneficiary messaging abroad seed from one of the international rating agencies as well as the commitment of these banks and the conversion to send matches coupes open its assets accounts in banks external).

He pointed out that (Calendar will also include the proportion of the use of the style of documentary credits to finance foreign trade instead of remittances as well as the completion of the contract tasks with an international audit firms known for a calendar fiscal positions and the quality of their assets operations as well as the extent of the banks commitment to take prompt and effective measures to maintain deposits public and entitlements to be provided upon request and the case to send lists of names of beneficiaries of dollar-buying currency for the purposes of foreign trade financing to the bank to secure sent to the General Administration of Customs and the General Authority for taxes in a timely manner). Stressing that the (institutions of banks and financial transfer would be classified into several categories according to the evaluation results that may be obtained and will meet the category that you get on the calendar Supreme continuously demands and higher proportions of foreign currency and will be re-evaluating the levels of these institutions in accordance with those standards every three months or when you get variables in performance with reference to the failure to satisfy paragraph results of bank evaluation of the performance of compliance and reporting money laundering operations to the denial of access to the window actually officials).