CBI News 01/13/2019

[yota691]

Amending the instructions for selling foreign currency for the year 2017

 

  

 January 13, 2020

 

To / licensed banks and all approved financial transfer companies ( amending the instructions for selling foreign currency for the year 2017 ) ... To download click here

[yusofsabri]

Thanks Master Yota.

 

But anyway, what does it means?

[6ly410]

Jan 12, 2020

 

What is bank savings?

The Central Bank of Iraq presents to our dear children a cartoony film on banking input for the purpose of increasing the culture and awareness of children in this field

enjoy watching

information Office
The Central Bank of Iraq
 

Edited January 13, 2020 by 6ly410

[DinarThug]

https://cbi.iq/news/view/1382

Oversight manual / requirements mentioned in bank instructions / compliance activities

 

 

13th January, 2020

 

To / All Approved Banks ( Supervisory Work Manual / Requirements mentioned in the 
CBI instructions / Compliance activities )

Issue: 6/2/9

Date: 1/7/2020

 

 

Subsequent to our uncles numbered 9/2/265 dated 27/6/2019 and according to the
provisions of the Banking Law No. (94) for the year 2004 and the following
instructions No. (4) for the year 2010 issued in the Iraqi Al-Waqa'iq newspaper
numbered No. 4172 dated 3/1/2011 We attach a link to the above guide for your approval.

 

To view the guide to supervisory work / requirements mentioned in the instructions of the
Central Bank of Iraq /  compliance activities ... click here
 

 

Translation.....

Supervisory Action Manual The requirements mentioned in (Instructions) of the
Central Bank of Iraq..

Based on the period and from Article 18 of the Banking Law, No. 94 of 2004, and Article 71
of the Instructions to Facilitate the Implementation of the Banking Law No. (4) for the
year 2010 and as part of the Central Bank of Iraq’s ongoing efforts to develop oversight
of Iraqi banks, and to promote good practices at Those banks, the Central Bank of Iraq
decided to be guided by the international banking practices that were adopted in light of
the economic crisis that occurred in 2014 These instructions were issued instructions on
compliance risks and compliance activity with them. And that the inspectors of the Central
Bank of Iraq be convinced when informing them of the documents submitted by banks
that they follow effective policies and procedures, and that their departments take
appropriate corrective measures when those monitors diagnose their failures to comply.
Compliance begins from the top of the bank’s pyramid represented by its board of
directors, and this compliance is most effective in the culture of the institution (the bank),
which stresses the standards of honesty and integrity, in which the board of directors
and the executive management lead by example in exercising their leadership roles. All
employees of the bank are obligated to comply, and it must be seen as an integral part
of its business, and banks must adhere to high standards when they continue to carry
out their business, and strive at all times to implement the applicable laws regulating
their work. Failure to take these sources into account will affect the effect of their actions
on their shareholders, customers, employees and the banking market, which may result
in the spread of negative publicity from banks. And causing damage to its reputation, to
a great degree, even if the banks had not broken any law due to their practices, which
leads to instability of the financial system and its contradiction with the goal that the
Iraqi Central Bank seeks truth based on the law.

Terminology Definitions Auto Compliance risk Compliance function OFF are legal or
regulatory penalties, tangible (material) financial loss, or loss of reputation that a bank
may suffer as a result of its failure to comply with the laws, regulations and instructions
governing banking, issued by regulatory and supervisory authorities, | The relevant
regulatory standards that the bank sets for itself is an independent function that
evaluates the bank’s commitment to its operations | Daily banking for the requirements
of relevant laws and instructions, ensuring the correctness of policies and procedures,
and avoiding errors and violations that would expose the bank to various risks and in
cooperation with other executive departments in the bank. Is the set of practical
procedures that the compliance department of the bank performs. It is the department
responsible for carrying out the compliance responsibilities of the bank. Compliance
activity  The Compliance Department  Holding company is a joint stock or
limited company that controls a company or joint stock or limited companies called
(subsidiaries) as stated in Resolution No. (17) for the year 2019 amending the Companies
Law No. (21) for the year 1997.

First: Establishing the Compliance Department and its duties (on all government, private
and banking groups) Establishing a Compliance Department to carry out compliance
activity and include it in the organizational structure, and that that department sets an
annual policy and procedures that are presented to the bank’s board of directors to vote
on it and present it to The competent department in the Central Bank of Iraq is its
reference and approval, and that the number of employees working in this section, and
the size of the resources allocated to it, is appropriate to the size and diversity of the
activities of banks and their branches. The Compliance Department makes an
assessment of the extent of the bank’s compliance in its performance of its operations
according to the following requirements Legal related: This section also confirms the
validity of the political and procedures, and seeks to avoid making mistakes and
violations of laws, regulations, and codes of professional conduct, applicable, and that
will be exposed banking to various risks, in collaboration with all departments and units
of other bank and Gifts that limit death to death (applicable to activities) Laws, rules
and standards cover, in general, a fighter such as observing appropriate standards for
the behavior of the banking market, avoiding conflicts of interest and managing them
if they occur, practicing justice in dealing with customers, and ensuring the integrity of
advice Provided for them, and includes specific areas, including when preventing money
laundering and terrorist financing crimes, tax laws related to the structure of pure and
applicable products. The bank that intentionally engages in financial or commercial
transactions to use it less than customers to avoid regulatory requirements or financial
reporting, evading tax obligations, or to engage in unlawful behavior that exposes the
bank and the customer to significant consecutive risks - Various,  including the main
legislation, rules and standards issued by legislators, controls and instructions issued
by the Iraqi Central Girls, the norms of longing for victory and internal
components of behavior applicable to professional employees and for the reasons that
were denied above, and from pain Tire that all these infringe what is Vlzim Qanonia and
develop standards of integrity and ethical conduct broader range

The Central Bank of Iraq is sweet to monitor the money "3) Compliance must be part of
the bank’s culture, as this culture is not only the responsibility of the competent
compliance staff. Banks should be able to manage all the risks to the bank, in a more
effective way, if they put The subject of implementation is a representative activity that
complies with the requirements of the incoming compliance, as indicated in Article III
of these controls  4). It requires taking into account the volume of the bank’s
business with the organizational structure of the compliance department. Pain Wharf
active at the international level, compliance with local or international officials in the
small section of fine bank compliance officers in one of the independent units in most
areas of data banks Protection Section of the Department of Information Technology
and Anti-Money Laundering and the Financing of Terrorism

9) Regardless of how the Compliance Department is organized within the knowledge, it
must be independent, provide adequate resources, and clearly define its responsibilities,
and that its activities are subject to periodic and mobile review by the bank's internal
audit mentioned in paragraphs from ( 2-5) of Article (4) The requirements apply to all
banks, including state-owned government banks, private banks, banking groups, and
branches of foreign banks, and these requirements are taken into account when applying
those requirements that depend on factors including the size of the bank and the extent
of its business activities, and the degree Their complexity, geography extent Those works
have reached, including the legal and regulatory framework through which it operates
inside Iraq, and in other countries where the bank’s branches are located  Article III - The
requirements of the Central Bank of Iraq for compliance activities with banks include a
minimum of the following 1 - Responsibilities of the Board of Directors for compliance.
The board of directors of the bank shall be responsible for overseeing the management
of compliance risks to which the bank is exposed. He must agree to the compliance policy
of the requester and this includes preparing an official document to establish

Compliance number) is permanent and effective in the bank, and the auto-compliance
monitor is determined and its fees are determined. The investigation board issued by the
Board of Directors must conduct an evaluation in an effective manner and present it to
the Board of Directors at least once annually.  Responsibilities of the bank’s
executive management of compliance: Submitting reports to the Board of Inquiry's
investigation committee regarding assessment and management of compliance risks with
the Central Bank of Iraq, at least once quarterly, and exceptional in the event of urgent
risks arising, and the management must implement compliance policy, undertake an
official It fails to ensure that the corrective or disciplinary action is taken, if any breaches
are identified. The Compliance Supervisor shall immediately notify the Board of Directors
or its sub-committee of any successive failures that entail significant risks of imposing
legal or regulatory sanctions on the bank, or incurring financial losses and affecting its
reputation). The reports prepared by the Director of the Compliance Department
(Compliance Monitor) must be accurate, timely, and comprehensive in terms of the
strengths and weaknesses of the conductor’s compliance practices: they must be under
strictly any professional risks, financial violations, and other violations. Exposure of the
bank to significant risks

Article Four:. Requirements for Compliance Department The Compliance Department of
the bank must be independent in terms of functional, administrative and technical
aspects. The concept of independence depends on four elements related to this
independence, namely: - That the Proverbs Department have an official character
within the bank to appoint a compliance observer, who has overall responsibility for
coordinating compliance risks The bank has the obligation not to assign the personnel
of the ward department, in particular the compliance monitor, in a position where
conflicts of interest may occur between their exceptional responsibilities and the work
of the accountant assigned to it. 

And that compliance department staff have access to information and access
to employees, in order to fulfill their responsibilities 2. The bank must obtain the approval
of the Central Bank of Iraq to appoint and dismiss the compliance observer by decision 
3. The executive management of the bank must notify the board of directors that the
proverbs observer will assume his duties or leave his position, and if the compliance
auditor leaves his position, he must also inform them of the reasons for leaving those
duties. With regard to the branches of banks operating at the international level, which
have local officials for compliance, the Central Bank of Iraq must be notified that the
Proverbs Observer will assume the functions of his job or leave it  4 that the
bank’s Compliance Department have sufficient and appropriate financial and human
resources and that those resources that should be provided for an activity Compliance
is adequate and appropriate in order to ensure the compliance risk management with
the bank to carry out its work effectively, and the compliance activity staff must have
the qualifications, expertise and professional and personal characteristics, to be familiar
with the laws and regulations in force

5 - The employees of the compliance function possess the necessary national skills - with
regard to keeping abreast of developments in compliance procedures, rules and
standards, by holding educational and training sessions organized for them, on a regular
basis 6 - The responsibilities of the compliance activity at the bank must aim to assist
the executive management In managing compliance risks, which the bank faces
effectively; the responsibilities of the compliance activity are defined according to these
controls and if some of these responsibilities are performed by employees working in
different departments, then the distribution of responsibilities to each department should
be specified. Clarity. These responsibilities include: advice. MODE) guidance and
education. Identify, measure and assess compliance risks. Monitoring, testing and
reporting risks.

o. Legal responsibility, auto-contact and coordination with relevant external parties,
regulators, standards holders and external experts are charged with upholding the
responsibilities defined in the bank's compliance policy. That the scope and extent of
the Compliance Department be subject to periodic review by EE-M. . The executive
management of fate must supervise compliance department employees in professional
development courses and roast the necessary amounts for that, in order to keep
abreast of recent developments in the field of compliance, and when the Iraqi Central
Construction evaluates the performance of the moderation department in any bank,
it will take into account that these effects are part Regardless of the risk management
in the banker  with relevant information and that the compliance department
in the bank interacts and cooperates with the internal audit department with regard to
relevance, in areas related to the evaluation of the bank’s performance

Banks must comply with the applicable laws and regulations in all areas of jurisdiction in
which they carry out their business, and the organization and structure of the
compliance department and its responsibilities should be coordinated with all legal
requirements and compliance is one of the basic activities in risk management
within the bank. Sources may be used to perform specific tasks related to the compliance
activity, and those tasks and sources must remain subject to the effective supervision of
the compliance department director. The bank and the company providing the services
used by the bank, are still accountable to that bank.

[horsesoldier]

I love cartoony(s) 🤡👺🤖🤠🙀🕺🏿