By Mohammed Muayad Koperly and Osama Tuma Fakhir, for Al Nesoor Law. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.
Iraq's Central Bank Introduces Rigorous Regulations for Foreign Currency in Cross-Border Transaction
The Central Bank of Iraq (CBI) recently released revised guidelines for foreign currency transactions across borders that aim to curb illicit financial flows, prevent money laundering and terrorist financing, and stabilize the dinar.
Effective February 19,2023, financial institutions facilitating overseas money transfers will need to implement more stringent monitoring andreporting measures.
The updated regulations mandate closer scrutiny of transaction details, customer due diligence, and suspicious activity reporting. Institutions must also maintain detailed records of all cross-border transfers.
To avoid penalties and limit repetitional risk, compliance officers should analyse the latest regulations and update policies and procedures to ensure seamless conformity. Robust compliance frameworks have never been more critical as Iraq works to align with international standards and gain greater access to global financial markets.
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