Zobaie discusses with the financial control mechanisms of the Central Bank and the defense and endowments

[ChuckFinley]

Morning Yota and thank you for keeping this going. 

[yota691]

Abadi, director of the Bank recommends not to cooperate with the parliamentary finance

History of edits:: 2017/6/3 21:20 • 549 times readable

{Baghdad} Euphrates News said the Finance Committee member Rahim al-Daraji, on Saturday, said that "Prime Minister Haider al-Abadi recommended the Iraqi Trade Bank director not to cooperate with members of the Parliamentary Finance Committee."

According Aldargi In a statement , the agency {Euphrates News} received a copy of it today, "we found a rebellion from the Director of the Trade Bank of Iraq through its failure to cooperate with members of the Finance Committee, which is part of the legislative authority on the recommendation was issued , " pointing out that " the Chairman of the Board Minister Haider Abadi , the face of the official mentioned by saying {not deal with members of the House of Representatives, including members of the Finance Committee being a general manager and do not have any effect on you and I am responsible for you being finance minister and the agency I can Laufer adequate protection necessary for you will continue in office}. " 
He warned Darraji "of insulting the prestige of the state through incitement not to cooperate with the legislative authority as a regulator has the right to pursue all state institutions , " noting that " the Finance Committee is seeking to support the development of banks and banks {government civil} according to the evolving international banking policies through review their work and provide advice and recommendations that elevate their work to progress and prosperity of the stage and make them in the ranks of international banks "." 
the MP pointed Darraji in his statement that " the Finance Committee cautions against the use of these methods and tone with the legislative authority because this reflects a lack of respect for the Constitution constitutional the Commission T that legislation and supervision and we will have a very firm stand and to stop such farces calls for insulting the prestige of the state. "

[yota691]

 

Praised the "central" measures to control the currency window

one hour ago

Last updated

01:38 PM

 

445

Watch

 

 

 

BAGHDAD / Press tomorrow: 
praised a specialist in the banking sector, the central bank 's recent actions on the classification of participation in the sale of foreign currency , which were in line with the demands of the International Monetary Fund and the World Bank window banks. 
A source at the central bank's "Tomorrow 's Press", " The classification of the Central Bank of the banks participating in the foreign currency sale issued last week window came in accordance with the instructions of the International Monetary Fund and the World Bank in order to control the window," noting that " the global financial institutions praised the Bank 's procedures Central and it stressed the need not to retreat. "

 

He stressed that " the new classification of banks will make them offer new services and urged them to work properly and control the currency exit , " noting that " the central bank of banks , which occupied the last rank deportation of the window if not improve their position threatened." 
The Central Bank of Iraq announced last Thursday, the completion of the periodic evaluation of the banks operating in the country in terms of its compliance with anti - money rules and instructions of the foreign exchange laundering law adopted by the Bank since the beginning of this year , according to the standards have been developed in consultation with the Office of international scrutiny that. 
On the other hand, banker Mohammed Bahadli said, for "Tomorrow 's Press", said that " the Central Bank of evaluating an important step towards the development of the banking sector through the removal of the bad banks that aim to participate in the sale of currency window , " noting that "tightening measures will lead to the closure of many banks will remain the best banks. " 
He noted that "international organizations have long been calling for the need to correct the course of selling the currency window , especially in the Iraqi negotiations with the International Monetary Fund and the World Bank."

[Synopsis]

Seems like this last article gives a clue to why the CBI currency auctions have been held on a business day for the next business day. Looks like it related to anti money laundering and other requirements from the IMF and WB while removing bad banks at the same time possibly due to held assets and/or liquidity.

 

More international compliance by the CBI - That's Good and Likely Very Good For Us!!!

 

Go Moola Nova!

[yota691]

Parliamentary economy supports the central bank's recent measures to regulate the sale of currency window

 

 

Economy News Baghdad: Announced that the Committee on Economy parliamentary, Tuesday, support for the measures the bank 's central recent organization of the work of banks in the window selling currency foreign, indicating that the central bank held a classification in cooperation with the International Monetary Fund and the World Bank. Said a member of the Committee on Economy Parliamentary Najiba Najib 's " Economy News " , the " classification of the bank 's central banks involved in the window of selling the currency move is good too and its goal of reform cash " , indicating that the " Bank of the Central has taken these measures in coordination with the experts of foreign and specifically from the States of the United States as well to fund cash and bank international . " She added that " the assessment of the new Bank of the Central adopted on seven items , notably the standards of transparency and the fight against laundering money that was given her degree 50 of 100 in addition to the top of the money and the granting of loans " , referring to that " some banks aimed at entering the window sell the currency to profit on the expense of the economy of the Iraqi which got the scores low in the classification . " She stressed that " the banks that got the centers last them to correct their status in order to remain in the window of selling the currency " , adding that " the development of the sector banking will lead to the development of the economy and therefore the Bank 's central began reform of through the window of selling the currency ."
Views 25   Date Added 06/06/2017 - 13:21   Last updated 06/06/2017 - 13:51   No. Content 7826

[tigergorzow]

Yota Thanks,  DV,  Let's hope auctions will stop very soon.  Increase purchasing power ASAP.

 

GO RV / RI

[blueskyline]

Said a member of the Committee on Economy Parliamentary Najiba Najib 's " Economy News " , the " classification of the bank 's central banks involved in the window of selling the currency move is good too and its goal of reform cash 

[Freedomwish]

6 hours ago, tigergorzow said:

Yota Thanks,  DV,  Let's hope auctions will stop very soon.  Increase purchasing power ASAP.

 

GO RV / RI

 

Brother Laidback would love this article indeed! 

[ChuckFinley]

Hope they cancel these sales relatively soon and give the dinar some purchasing power.  

[yota691]

Halbusi: standards and mechanisms for evaluating the performance of private banks advanced step in the right direction setting

economy

 Since 06.07.2017 at 01:31 (Baghdad time)

Jbgdad balances News

Chairman of the Parliamentary Finance Committee MP Mohammad Halbusi said the central bank's policy of developing criteria and mechanisms for assessing the eligibility performance of banks is a good step and experience you need to support the award for the advancement of the banking sector, so as to contribute to the development of the work of these banks and enhance the global confidence of banks and international financial institutions sector Iraqi banking.

He Halbusi; that the Iraqi Central Bank to deal positively and opens the way banks think that has some data and procedures, which confirms its efforts to develop its performance in line with the standards that have been adopted, in order to give them more time to prove it, and at the same time, the need for continuous work by the cadres of the Central Bank on the development of standards established to address any possible error that accompanies the application that loses the target set for.

It should be noted that the central bank has begun to develop those standards earlier this year, in coordination and consultation with global financial regulatory institutions are supported, as are banks rated periodically during the year as provided by the banks and inspection tours of the cadres of the Central Bank and the consultation session data with the boards of directors of those banks, note that the essence of the classification of the degree of compliance by banks with the rules and requirements of anti-money laundering and the financing of terrorism.

And it noted that the banks during the last period of few worked to develop mechanisms and procedures to comply with in order to achieve the goal of the central bank in the development of buying and selling the currency on the legal, regulatory and supervisory rules of proper operations.

is over

M h n 

[yota691]

08/06/2017 (00:01 pm)   -   Number of readings: 367   -   Issue (3944)

 

 

Experts: Opponents of the classification of the Central Bank of banks detrimentally

 Baghdad / Zahraa Al-Jassem 
 

 With experts in economic affairs describe the measures taken by the Central Bank finally special classification of banks authorized to enter the window of selling the currency was positive, but a number of members of the House of Representatives had their last position , so they start attacking the bank 's management. MPs, including members of the Parliamentary Committee on Finance, considered that the measures which the Bank has developed based on the professional standards of the most important of compliance with anti - money laundering and liquidity requirements and meet the needs of customers by banks, improper say and nothing to do with the law of the Central Bank and the Banking Law. 
It seems that prompted the central bank to take final action lies in the failure to meet some of the banks to the requirements of major international institutions such as the IMF and the World Bank and IMF Treasury and the institutions of international anti - money laundering which sets the standards and requirements, while central banks are responsible for verification of countries are, necessitating the central bank periodically to verify compliance by banks with these requirements and in the light of which are banks evaluated and classified according to an interview with the Director of the Department of Accounting at the Central Bank of Ihsan Shomran Yasiri, who also confirms in an interview (range), the classification of banks are on the S S - 8 standards the most important standard of compliance with the requirements of anti - money laundering, risk management and liquidity requirements and dealing with banks solid messaging and requirements to meet the needs of the audience, adding: We are now our problem is that most of the citizens deposited their money in the banks, but some of them do not meet the demand in time or origin not Talph, with all those standards developed and reported by banks for long periods and was given a period to correct their situations, and given opportunities to challenge this category, especially since the criteria developed was by an international auditing firm is one of the four major companies in the world and view rankings Fund cash International , who blessed him. 
Yasiri continues , saying that a large number of banks have improved their positions, the fact that classification was for the purpose of activating the competition between banks to gain access to quality , we look forward to all banks up to the first category "A", which is located under the box this category is compliant for all standards which we have , also considered re - classification every three months, and if it improves the development of the bank rises classification, noting: that these actions were in line with the recommendations of the international Monetary Fund, the fact that Iraq falls within the post-crisis countries, so the IMF review and monitor the financial action Task Force, on the one hand according to another agreement with the Fund as part of anus Counter credit for the purpose of lending must be our institutions are all working perfectly, one of the most important fund requirements, but are also the goals of the Iraqi Central Bank to amend the banking system and the device that we do in all cases. 
Facing the central bank measures to implement compliance attack by some standards, where he sees the economic expert Majid picture in an interview (range), that: this attack originating from those affected by the measure, there is a very deep conflict with the central bank with being adamant so far, follow - up to the mistakes of the banks and correct track , despite very large by pressure from inside and outside Iraq, firmly saying: critical decisions taken by the Central Bank , which will lead to a very significant positive results, but it needs time that a large and very deep conflict, so that some of those old pressures related to the issue of transfer banking companies To the central Islamic banks relented earlier in her time, but the trend of Capricorn now exists in his administration and not to accept the entry of these banks to sell the currency window until capital is completed to 250 billion dinars is true. 
It continues the picture: with the Islamic banks and investment have to understand that the window does not need, so the central bank 's work is not easy under these pressures with being the right direction, adding however that the law says that the capital of Islamic banks is 100 billion dinars, and this is certainly It has been through parliament by people who have an interest in this law , and this is regrettable, but the central bank 's instructions said yes as possible so, but it must be those banks up in three years to 250 billion dinars in the capital, especially if one of banking companies turned out to be a bank as a result of an Islamist deceive the central bank to increase its capital to 250 billion dinars, so the central bank to withdraw the license from the bank faced with its impact winds campaign visible and invisible with being left in the past procedures.  
According to this confirms the picture, that the central bank measures to impose entry window selling positive and very important currency standards, adding: It is true that all banks have the right to enter the window but the criteria that should be applied to banks are those available in the "A" rating and "B" and "C", which is the application of all laws and regulations pertaining to the work of banks, and the central bank has given great importance to the process of complying with its instructions after the 40% overall gave at the beginning, but he wanted lifted now to 60%, which is very important and positive issue, Monitoring of banks during the application of modern technology to the overall banking system where there are t His father timely and prudent lead to the central bank and the bank hedge what may happen in the latter as a result of errors committed by or mismanagement or lack of law enforcement, with the fight against money laundering and all kinds of corruption in which I took is definitely a lot of his time, is heading now to be applied, in addition to the standard The bank 's capital will be 250 billion dinars, and the lack of access to the capital of some banks that amount leads to a downgrade, all and with it so far is not enough action but positive and important.

[yota691]

Central identifies seven key criteria related to the participation of banks sell foreign currency window

 

Sunday June 11, 2017 14:07

 

Alsumaria News / Baghdad ,  select the Central Bank of Iraq on Sunday, seven key criteria related to the participation of banks sell foreign currency window, indicating that the dollar put the sale process in the framework responds to legal, regulatory and local and international regulatory requirements.  The governor of the bank on the Keywords in a statement Alsumaria News received a copy of it, " the Central Bank of Iraq began since the beginning of this year , the adoption of specific weighting criteria concerning the participation of banks in the sale of foreign currency window (dollar) , " noting that "this comes after nearly a year of preparation and consultation for the development of such standards as currently drafted, as these criteria were given a certain degree relative is a total final score of the bank, which in turn determines its share of the quantity sold foreign currency per day. "   He added that " it was seven basic criteria for the adoption of the classification of banks for the purpose of entering the window of the sale of foreign currencies branching out of which other sub - given each relative weight contributes to determining the final grade of the bank , " noting that the criteria are "compliance with ( the degree of compliance with the rules and procedures to combat money laundering and the financing of terrorism) and have the greatest weight, compliance with the instructions of the foreign currency window, standard dealing with correspondent banks in terms of being certified and classified internationally, match bank statements with the statements of correspondent banks, to meet the demands of customers and within the elements of a number of bank branches, lawsuits against the bank, contracting P international auditing firm and takes into account the date of establishment of the bank as it is downloaded five degrees degrees of banks that have not only been established more than a year. "  He added Keywords that "public banks evaluated in terms of general conditions (performance and efficiency) , it being in accordance with other international standards , most notably the International Standard (CAMELS) , which serves as an early warning banks are classified under which on the basis of solvency capital C, and asset quality A, management M, profitability E, liquidity L, and sensitivity analysis to market risk, which is expressed in each of the elements of a number of financial indicators. "  He explained that " a review of grades given to the banks are constantly changing according to the extent of the banks commitment to the requirements and procedures in accordance with the audit and inspections conducted by the Central Bank, or by providing bank proof of improved compliance with the standard or more, the Bank is being periodically reviewed for banks all, and involved a number of Bank and its formation circles in the evaluation process , according to the standard type and the competence of the department or configuration, which provides high credibility and objectivity. "  He noted the Keywords, that " the Bank shall provide each bank in degrees granted according to each criterion according to each element of each standard, and gives the bank an opportunity to object or make notes, and holds a higher committee headed by the Deputy Governor and the membership of an advanced staff in the Bank 's review notes or objections and meet the relevant process in the bank, and it can be adjusted according to the assessment is presented from the bank, "adding that" the door is always open to the bank at any time feel that it has made progress in the application of the rules mentioned. "  It is worth mentioning that the Central Bank of Iraq, issued in (19 March 2017), a circular to all private banks to abide by the standards to meet the sale of foreign currency, pointing out that the task of the international audit firms that have been contracted to assess the financial position and asset quality of the banks.

[Butifldrm]

of America include local banking offices on the Iraqi blacklist

 

 Twilight News    

 

 18 hours ago

 

Twilight News / included US Treasury local banking companies within the Iraqi blacklist without offering any explanation on the reasons for this act.

According to a list posted on the Office of Foreign Assets Control (OFAC) of the US Treasury Department, and the stomach in the 6th of this month, 96 banks and banking office in Iraq ,listed on the blacklist US (SDN).

US black list (SDN) issued every three months by the Office of Foreign Assets Control (OFAC) of the US Treasury Department , which means to monitor the affairs of companies, banks and banking offices in the world.

The Office did not issue any clarification on the reasons for these banks and offices be included on the blacklist.

Under US law, all private citizens and US companies and financial transactions worldwide areprohibited from dealing with companies and offices that lists their names on the blacklist.

 

Keywords:

 

 

http://www.shafaaq.com/ar/Ar_NewsReader/9dbe1ffa-3260-4536-839c-1ce7c7727628

[yota691]

Classification of banks for the purpose of entering the sale of foreign currency window

 

 

Ali Mohsen Keywords   Since the beginning of this year, the Central Bank of Iraq began to adopt specific weighting criteria concerning the participation of banks in the sale of foreign currency window (the dollar), and comes after nearly a year of preparation and consultation for the development of such standards as currently drafted, it was given these criteria degrees relative particular constitutes a whole class The final of the bank, which in turn determines its share of the quantity sold foreign currency daily.   According to the new system is the central bank has put the sale of the dollar in the framework respond to legal, regulatory and local and international regulatory requirements, and adopts the principles of disclosure, transparency and reliability, including the financial system rise to the level of international practice.   What are the reasons of this category and what are the approved standards and mechanisms identified?   I have been adopted this classification in order to achieve a set of legal and economic goals stand in front of them:   1. International Financial System Requirements   High risk of money laundering and the financing of terrorism has led to the attention of international organizations by establishing rules and local and international action to address the risks of those operations for the financial system and community protection, it constitutes compliance with those rules and procedures by States and institutions essential basis in international relations and financial channels, ie, the states and institutions Finance from banks or other foreign relations have become financial and operations are subject to compliance with the degree and application of the rules of international conventions in this regard, and it came to the exclusion of entities, but states, and put them in the ban because of poor box organize Tha, procedures and their environment, according to the so-it (Derisking). As the international financial institutions to cut off the ports of entry to the international financial system in front of local companies and banks due to risks related to financial crimes rise.   On the other hand, and that Iraq is dealing mainly in the currency of the dollar (due to the fact that pegged the dinar to the dollar), and the country's foreign transactions are done, this makes Iraq subject to the procedures and rules of trading and the movement of the US dollar set by the US Federal Reserve Bank and the US Treasury, which aims to monitor and investigate on the movement of the dollar to curb money laundering and terrorist financing, thus resulting states (including Iraq) to design the rules and procedures necessary to monitor the movement of the dollar and to identify the paths used systems and move from one place to another.   The actions taken by the central bank in the application of the rules and principles of anti-money laundering and the financing of terrorism, which resulted in removing Iraq from the gray area within the classification and evaluation of the Financial Action Organization (FATF) internationally concerned with this subject, and Iraq was under threat thereof in the international exclusion zone, which means the closure of the system ports international financial against Iraq.   Requiring banks to apply the rules of compliance and the Central Bank has established programs and instructions systems as well as linking dollar selling process to abide by them, with effective control of all this, international organizations gave positive messages which resulted in the reclassification of Iraq and remove it from the risk of financial embargo.   2. The application of the Anti-Money Laundering and the Financing of Terrorism Act requirements.    The imposition of anti-money laundering law and terrorist financing obligations on financial institutions which take care of procedures to customers starting from the customer identification and the real beneficiary and the procedures for opening accounts, documents, transfers .... etc., and the development of procedures and controls policies minutes comply with the obligations imposed in the area of control.   The law mandated the central bank also as the regulatory and supervisory authority over financial institutions, cost him as well as the development of inspection tasks and means of procedures and standards follow the instructions of the commitment of financial institutions to combat money laundering and the financing of terrorism.   Noting that the sale and purchase of the dollar taking place in financial institutions operations (banks) are based, which involve significant operations in terms of overall size, they require monitoring the application of the rules of compliance when banks committed to the rules of control according to the law in terms of verification of the sources of funds (the dinar), including the application the principle of (know Your Customer), and in terms of the verification of the final uses and intermediate so as to check the integrity and nature of such operations, has been assigned the law to the Governor of the Central Bank put the necessary instructions for due diligence by financial institutions, it is natural that the central bank monitors the extent of compliance with those rules The instructions and put it basically a standard in narrowing and expanding the entry of banks into buying and selling foreign currency operations.   The essence of the classification is based on the extent of banks compliance with anti-money-laundering and the financing of terrorism, under the standard (Compliance), which includes a number of criteria associated with banks and procedures for those rules from all aspects.   3. improve the performance of the requirements of banks   The standards that have been developed represent an important incentive to improve the performance of banks, as pushing for the reorganization of the banking business in regulatory and legal regulatory framework staves about the risks and live up staff level, as the central bank committed banks by developing units or departments can contribute to it, such as management anti-money laundering and terrorist financing, and compliance management, risk management, and the strengthening of internal control departments, and the application of the principles of corporate governance that promote strong oversight and disclosure and transparency.   Banks have seen since the introduction of entry to sell the currency window standards a wide range of measures such as development units and the appointment of people with competence and experience, and the appointment of international auditors, and all that is in the upgrading of the banking sector service, and to provide indicators for the safety of their operations so that they can deal with the outside world and open its channels financial with international financial institutions, which have become attached indicators involving the criteria laid great care.   4. exchange rate stability requirements   Help the standards set in supporting the stability of the local currency exchange rate, which represents the main objectives of the monetary policy rate, since the development of buying and selling the dollar on the basis of sound and rules that would limit the phenomena of manipulation and speculation and the abolition of intermediaries (who divested the largest margin of the exchange rate difference), the the role of intermediaries declined significantly due to oblige banks to follow the rules and regulations that have become reflected on the degree of standards and then on the Bank's share in the entry window.   In order to achieve the above objectives have been seven criteria for the classification of the adoption of entering banks to sell foreign currency window. What are these criteria and what are the identified mechanism?   Starting must be noted that this classification is not rated for the performance of banks in general (which is what we say in the daily sales prospectus), but it reflects the degree of compliance by the bank with the rules relating to the sale and purchase of foreign currency. The public banks evaluated in terms of general conditions (performance and efficiency), it being in accordance with other international standards, most notably the International Standard (CAMELS), which serves as an early warning classified banks, which on the basis of solvency capital C, and asset quality A, management M, profitability E, liquidity L and analysis sensitivity to market risk, which is expressed in each of the elements of a number of financial indicators, and the Central Bank to conduct this assessment in 2013 by the Office of international scrutiny, and due to the lapse of several years, it is currently being re this assessment and we hope that we finish it soon, as it will explain The banking sector's performance and the efficiency and performance of the banks, and would be part of the current criteria used in the classification of banks for the purposes of access to the window.   As for the classification of banks to enter the sale of foreign currency window, it is based mainly on the basis of the extent of banks with anti-money-laundering and the financing of terrorism, and the instructions of the Central Bank in the context of due diligence commitment as well as the legitimate uses of currency transfers abroad, as was organized this process through a number of standards and mechanisms that could be clarified through the following points:   First, the classification criteria of banks   The classification depends seven basic criteria of which other sub-branch is given a relative weight of each of which contributes to determine the final division of the Bank, namely:   Compliance with (the degree of compliance with the rules and procedures to combat money laundering and the financing of terrorism) and has the biggest weight. Compliance with the instructions of the foreign currency window. Standard dealing with correspondent banks in terms of being certified and classified internationally. Match the statements of the bank statements with correspondent banks. Meet the demands of customers and within the elements of the number of branches of the bank. Lawsuits against the bank. Contracting with an international auditing firm, and takes into account the date of establishment of the bank, as it is downloaded five degrees degrees of banks that have not only been established more than a year. Second, a review of the classification and change   The grades granted to the banks are constantly changing according to the extent of the banks commitment to the requirements and procedures in accordance with the audit and inspections conducted by the Central Bank, or by providing bank proof of improved compliance with the standard or more, the Bank is being periodically reviewed for banks all, and involved a number of departments of the Bank and its formation in the evaluation process, according to the standard type and the competence of the department or configuration, which provides high credibility and objectivity.   Third: Transparency Category   The Central Bank should provide each bank in degrees granted according to each criterion according to each element of each standard, and gives the bank an opportunity to object or make notes, and holds a higher committee headed by the Deputy Governor and the membership of an advanced staff in the Bank's review notes or objections to the process and the interview involved in the bank, can be adjusted degree assessment according to what is submitted by the bank, knowing that this door is always open to the bank at any time feel that it has made progress in the application of the rules mentioned.   Finally, it must be said: The origin of the subject is to achieve effective control and procedures for precautionary required by Iraqi law and required by our commitments to international conventions and membership of international organizations concerned, and that compliance with these standards leads to avoid the risk of financial crime and the closure of financial institutions and outlets in front of the financing of terrorist operations, and lead also to improve the work of the Iraqi banking and enable it to build bridges and channels with the approved international financial institutions.   Here, we say to some of those who may be affected by these measures: The damage on them will be greater in the event of non-compliance with them, as it exposes them to non-compliance with the standards mentioned to the serious consequences for their work such as reputation risk, legal and judicial risks, and closes them outside dealing outlets.   The central bank, which live up to his work to the level of international best practices, it looks to support and by imputing concerned to enable it to fulfill its role and tasks, and assure everyone that he is ready to accept all noticeable or criticism to be constructive criticism and objective being in accordance with the channels of institutional order to preserve the reputation of this institution and its role in the development of the financial system, particularly in light of the financial crisis we are experiencing and the challenges that emerged in order to preserve economic stability in Iraq through achieving financial and monetary stability.   Governor of the Central Bank of Iraq
Views 18   Date Added 11/06/2017 - 15:01   Last updated 06/11/2017 - 15:04   No. Content 7887

[yota691]

 

The central bank explains reasons and criteria for classification of banks to enter the auction sale of currency

 

two hours ago

Last updated

02:23 PM

 

360

Watch

 

 

 

BAGHDAD / Press tomorrow: the 

central bank issued on Sunday, a set of points that explain the criteria and reasons for classification of banks to enter the sale of currency window. 

The central bank governor said Ali Mohsen Ismail in a statement, "Tomorrow 's Press" received a copy of it, said that "since the beginning of this year , the Central Bank of Iraq began to adopt specific weighting criteria concerning the participation of banks in the sale of foreign currency window ( the dollar), comes after nearly a year of preparation and consultation for the development of such standards as currently drafted, as these criteria were given a certain degree relative is a total final score of thebank, which in turn determines its share of the quantity sold foreign currency per day. "

 

 

He pointed out by saying, "According to the new system is the central bank has put the sale of the dollar in the framework responds to legal, regulatory and local and international regulatory requirements, and adopts the principles of disclosure, transparency and reliability, including the rise in the financial system to the level of international practice." 

He wondered, "What are the reasons of this category and what are the approved criteria and mechanisms identified?". 

Legal and economic goals that have been this bisection adoption of the created group, as contained in the central statement: 

1. The international financial system , the requirements of a 

high risk of money laundering and the financing of terrorism has led to the attention of international organizations by establishing rules and local and international action to address the risks of such operations in order to protect the system the financial community, and constitutes a commitment to those rules and procedures by States and institutions essential basis in international relations and financial channels, ie the countries and financial institutions from banks or other foreign relations have become financial and operations are subject to largely blamed Thalha and application of international norms and conventions in this regard, and it came to the exclusion of entities, but states, and put them in the box ban because of weak regulations and procedures and their environment, according to the so - it (Derisking). As the international financial institutions to cut off the ports of entry to the international financial system in front of local companies and banks due to risks related to financial crimes rise. 

On the other hand, and that Iraq is dealing mainly in the currency of the dollar (due to the fact that pegged the dinar to the dollar), and the country 's foreign transactions are done, this makes Iraq subject to the procedures and rules of trading and the movement of the US dollar set by the US Federal Reserve Bank and the US Treasury , which aims to monitor and investigate on the movement of the dollar to curb money laundering and terrorist financing, thus resulting states (including Iraq) to design the rules and procedures necessary to monitor the movement of the dollar and to identify the paths used systems and move from one place to another. 

The actions taken by the central bank in the application of the rules and principles of anti - money laundering and the financing of terrorism , which resulted in removing Iraq from the gray area within the classification and evaluation of the Financial Action Organization (FATF) internationally concerned with this subject, and Iraq was under threat thereof in the international exclusion zone, which means the closure of the system ports international financial against Iraq. 

Requiring banks to apply the rules of compliance and the Central Bank has established programs and instructions systems as well as linking dollar selling process to abide by them, with effective control of all this, international organizations gave positive messages which resulted in the reclassification of Iraq and remove it from the risk of financial embargo. 

2. The application of the Anti - Money Laundering and the Financing of Terrorism Act requirements. 

The imposition of anti - money laundering law and terrorist financing obligations on financial institutions which take care of procedures to customers starting from the customer identification and the real beneficiary and the procedures for opening accounts, documents, transfers .... etc., and the development of procedures and controls policies minutes comply with the obligations imposed in the area of control. 

The law mandated the central bank also as the regulatory and supervisory authority over financial institutions, cost him as well as the development of inspection tasks and means of procedures and standards follow the instructions of the commitment of financial institutions to combat money laundering and the financing of terrorism. 

Noting that the sale and purchase of the dollar taking place in financial institutions operations (banks) are based, which involve significant operations in terms of overall size, they require monitoring the application of the rules of compliance when banks committed to the rules of control according to the law in terms of verification of the sources of funds ( the dinar), including the application the principle of (know Your Customer), and in terms of the verification of the final uses and intermediate so as to check the integrity and nature of such operations, has been assigned the law to the Governor of the Central Bank put the necessary instructions for due diligence by financial institutions, it is natural that the central bank monitors the extent of compliance with those rules The instructions and put it basically a standard in narrowing and expanding the entry of banks into buying and selling foreign currency operations. 

The essence of the classification is based on the extent of banks compliance with anti - money - laundering and the financing of terrorism, under the standard (Compliance) , which includes a number of criteria associated with banks and procedures for those rules from all aspects. 

3. improve the performance of banks and the requirements of 

the standards that have been developed represent an important incentive to improve the performance of banks, as pushing for the reorganization of the banking business in regulatory and legal regulatory framework staves about the risks and live up staff level, as the central bank committed banks by developing units or departments can contribute in it, such as anti - money management laundering and terrorist financing, and compliance management, risk management, and the strengthening of internal control departments, and the application of the principles of corporate governance that promote strong oversight and disclosure and transparency. 

Banks have seen since the introduction of entry to sell the currency window standards a wide range of measures such as development units and the appointment of people with competence and experience, and the appointment of international auditors, and all that is in the upgrading of the banking sector service, and to provide indicators for the safety of their operations so that they can deal with the outside world and open its channels financial with international financial institutions, which have become attached indicators involving the criteria laid great care. 

4. exchange rate stability requirements 

help the standards set in supporting the stability of the local currency exchange rate , which represents the main objectives of the monetary policy rate, since the development of buying and selling the dollar on the basis of sound and rules that would limit the phenomena of manipulation and speculation and the abolition of intermediaries (who divested the largest margin of exchange rate difference), the role of intermediaries has declined considerably because of requiring banks to follow the rules and regulations that have become reflected on the degree of standards and then on the Bank 's share in the entry window. 

He said Ismail said, "In order to achieve the stated objectives have been seven criteria for the classification of the adoption of entering banks to sell foreign currency window, what are these criteria and what are the identified mechanism?". 

And he went on the central bank governor, "starting it must be noted that this classification is not rated for the performance of banks in general (which is what we say in the daily sales prospectus), but it reflects the degree of compliance by the bank with the rules relating to the sale and purchase of foreign currency. The public banks assessment where the general conditions (performance and efficiency) , it being in accordance with other international standards , most notably the international standard (CAMELS) , which serves as an early warning banks are classified under which on the basis of solvency capital C, and asset quality a, management M, profitability E, liquidity L and sensitivity analysis to market risk, which the expression of each element of the elements Here a number of financial indicators, and the Central Bank to conduct this assessment in 2013 by the Office of international scrutiny, and due to the lapse of several years, it is currently being re this assessment and we hope to finish it soon, as it will show the banking sector performance and efficiency and performance of banks, and will be a part of the current criteria used in the classification of banks for the purposes of entry into the window. " 

And between, "either on the classification of banks to enter the sale of foreign currency window , it is based mainly on the basis of the extent of banks with anti - money - laundering and the financing of terrorism, and the instructions of the Central Bank in the context of due diligence commitment as well as the legitimate uses of currency transfers abroad, as was organized this process through a number of criteria and mechanisms that could be clarified through the following points. " 

As it contained in the statement: 

First , classification of banks standards 

classification depends seven basic criteria for branching out of which other sub - given each relative weight contributes to determine the final division of the Bank, namely: 

1. compliance with ( the degree of compliance with the rules and procedures to combat money laundering and the financing of terrorism) and has the biggest weight . 

2. Comply with foreign currency window. 

3. Standard dealing with correspondent banks in terms of being certified and classified internationally. 

4. Match the bank statements with the statements of correspondent banks. 

5. meet the demands of customers and within the elements of the number of branches of the bank. 

6. lawsuits against the bank. 

7. contracting with an international auditing firm, and takes into account the date of establishment of the bank, as it is downloaded five degrees degrees of banks that have not only been established more than a year. 

 

Second , a review of the classification and change 

the grades given to the banks are constantly changing according to the extent of the banks commitment to the requirements and procedures in accordance with the audit and inspections conducted by the Central Bank, or by providing bank proof of improved compliance with the standard or more, the Bank is being periodically reviewed for banks all, and share a number of from the departments of the Bank and its formation in the evaluation process , according to the standard type and the competence of the department or configuration, which provides high credibility and objectivity. 

Third: the transparency of classification , 

the Central Bank to provide each bank in degrees granted according to each criterion according to each element of each standard, and gives the bank an opportunity to object or make notes, and holds a higher committee headed by the Deputy Governor and the membership of an advanced staff in the Bank 's review notes or objections to the process and the interview involved in Bank, can be adjusted according to the assessment are presented by the bank, knowing that this door is always open to the bank at any time feel that it has made progress in the application of the rules mentioned. 

He explained by saying, "Finally , it must be said that the origin of the subject is to achieve effective control and procedures for precautionary required by Iraqi law and required by our commitments to international conventions and membership of international organizations concerned, and that compliance with these standards leads to avoid the risk of financial and closure of financial institutions outlets crimes against financing operations terrorism, and also lead to the upgrading of the work of the Iraqi banking and enable it to build bridges and channels with the approved international financial institutions. " 

He said, "Here , we say to some of those who may be harmed by these actions that harm them will be greater in the event of non - compliance with them, as it exposes them to non - compliance with the standards mentioned to the serious consequences for their work such as reputation risk, legal and judicial risks, and closes them outside dealing outlets." 

He concluded, saying that " the central bank , which live up to his work to the level of international best practices , it looks to support and by imputing concerned to enable it to fulfill its role and tasks, and assure everyone that he is ready to accept all noticeable or criticism to be constructive criticism and objective being in accordance with the channels of institutional preserve the reputation of this institution and its role in the development of the financial system, particularly in light of the financial crisis we are experiencing and the challenges that emerged in order to preserve economic stability in Iraq through achieving financial and monetary stability. "

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Central 7 sets basic standards for the participation of banks selling foreign currency window

 

stock market

•  Sunday: June 11, 2017
•  No comments
•  8

 

Awagel Press / Baghdad

 

Select the Central Bank of Iraq, seven key criteria related to the participation of banks sell foreign currency window in accordance with legal, regulatory and local and international regulatory requirements .

 

The governor of the bank on the Keywords in a statement today that " the Iraqi Central Bank began since the beginning of this year , the adoption of specific weighting criteria concerning the participation of banks in the sale of foreign currency window (dollar) , " noting that "these criteria developed as currently drafted , after nearly a year of preparation and consultation ,"noting that:" this was given a certain degree of relative standards constitute a total final score of the bank, which in turn determines its share of the quantity sold foreign currency per day . "

 

He noted " the adoption / 7 / basic criteria for the classification of banks for the purpose ofentering the window of the sale of foreign currencies branching out of which other sub - given each relative weight contributes to determine the final division of the bank , " explaining that "standards include compliance with ( the degree of compliance with the rules and procedures to combat money laundering and the financing terrorism) and has the greatest weight, compliance with the instructions of the foreign currency window, standard dealing with correspondent banks in terms of being certified and classified internationally, match thestatements of the bank with lists of correspondent banks, to meet the demands of customers and within the elements of a number of bank branches, lawsuits against the bank, contractingP international auditing firm and takes into account the date of establishment of the bank as it is downloaded five degrees degrees of banks that have not only been established more than ayear . "

 

He added: " It said the banks evaluated in terms of general conditions (performance and efficiency) being in accordance with other international standards , most notably theInternational Standard (CAMELS) , which serves as an early warning banks are classified under which on the basis of capital adequacy the C , and asset quality A , management M , profitability E , liquidity L' , and sensitivity analysis to market risk, which is expressed in each of the elements of a number of financial indicators . "

 

He explained that " a review of grades given to the banks are constantly changing according to the extent of the banks commitment to the requirements and procedures in accordance with the audit and inspections conducted by the Central Bank, or by providing bank proof ofimproved compliance with the standard or more, the Bank is being periodically for banks all audit, involving a number of departments Bank and its formation in the evaluation process ,according to the standard type and the competence of the department or configuration, which provides high credibility and objectivity . "

 

And "that the bank is to provide each bank in degrees granted according to each criterion according to each element of each standard, and gives the bank an opportunity to object or make notes, and holds a higher committee headed by the Deputy Governor and the membership of an advanced staff in the Bank's review notes or objections to the process and the interview involved in the bank, the assessment can be adjusted according to what is submitted by the bank, "he said." the door is always open in front of the bank at any time feel that it has made progress in the application of the rules mentioned. "

 

http://awajelpress.com/المركزي-يحدد-7-معايير-اساسية-لاشتراك-ال/

[yota691]

7 standards set by the Central Bank for the participation of banks selling foreign currency window

Number of readers: 47

 

 

7 standards set by the Central Bank for the participation of banks selling foreign currency window

 

11-06-2017 04:40 PM

 

Euphrates -

 

Select the Central Bank of Iraq seven basic criteria concerning the participation of banks sell foreign currency window, and said that the sale of the dollar is in accordance with legal, regulatory and local and international regulatory requirements. 

The governor of the bank on the Keywords, in a press release that the Central Bank of Iraq began since the beginning of the year the adoption of specific weighting criteria concerning the participation of banks in the sale of foreign currency window ( the dollar), noting that these criteria developed as currently drafted , after nearly a year of preparation and consultation. Referring to the reliance on seven basic criteria for the classification of banks for the purpose of entering the window of the sale of foreign currencies branching out of which other sub - given each relative weight contributes to determining the final grade of the bank, explaining that the standards include compliance with ( the degree of compliance with the rules and procedures to combat money laundering and the financing of terrorism) and have the greatest weight compliance with the instructions of the foreign currency window, standard dealing with correspondent banks in terms of being certified and classified internationally, match bank statements with the statements of correspondent banks, to meet the demands of customers and within the elements of a number of bank branches, lawsuits against the bank, hiring An international auditing firm, and takes into account the date of establishment of the bank as it is downloaded five degrees degrees of banks that have not only been established more than a year. 

He added Keywords that banks assess in terms of general conditions (performance and efficiency) being in accordance with other international standards , most notably the International Standard (CAMELS) , which serves as an early warning banks are classified under which on the basis of solvency capital C, and asset quality A, management M, profitability E, liquidity L, and sensitivity analysis to market risk, which is expressed in each of the elements of a number of financial indicators'. 

He continued to review the grades granted to the banks are constantly changing according to the extent of the banks commitment to the requirements and procedures in accordance with the audit and inspections conducted by the Central Bank, or by providing bank proof of improved compliance with the standard or more, the Bank is being periodically reviewed for banks all, and involved a number of departments of the Bank and its formation in the evaluation process , according to the standard type and the competence of the department or configuration, which provides high credibility and objectivity. 

He explained that the bank will provide each bank in degrees granted according to each criterion according to each element of each standard, and gives the bank an opportunity to object or make notes, and holds a higher committee headed by the Deputy Governor and the membership of an advanced staff in the Bank 's review notes or objections to the process and the interview involved in the bank and can adjusted assessment according to what is submitted by the bank, adding that the door is always open to the bank at any time feel that it has made progress in the application of the rules mentioned.

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