CBI News 05/11/2020

[yota691]

Prices of bullion and gold coins for Monday 11/5/2020/14/2020

 

  

 May 11, 2020

 

The prices of bullion and gold coins according to which they will be sold from Monday 11/5/2020 until 14/5/2020

Specie 22 g	1,599,000
Ingot 5 g	340,250
Ingot 10 g	672,000
Ingot 15 g	1,010,500
Ingot 20 g	1,356,000
Ingot 25 g	1,703,000

 

[yota691]

A guide to indicators of suspicion of money laundering and terrorist financing via electronic payment services

 

  

 May 11, 2020

 

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According to the Anti-Money Laundering and Terrorist Financing Law No. (39) for the year 2015, and based on the rapid developments witnessed by electronic payment operations in Iraq and for the purpose of limiting the phenomenon of money laundering and terrorist financing because of its negative impact on the national economy of the country

The Central Bank of Iraq publishes the guidelines for indicators of suspicion of money laundering and terrorist financing through electronic payment services ... To view click here

[DinarThug]

https://cbi.iq/news/view/1488

A guide to indicators of suspicion of money laundering and terrorist financing via electronic payment services

 

11th May, 2020

According to the Anti-Money Laundering and Terrorist Financing Law No. (39) for the year
2015, and based on the rapid developments witnessed by electronic payment operations
in Iraq and for the purpose of limiting the phenomenon of money laundering and terrorist
financing because of its negative impact on the national economy of the country

The Central Bank of Iraq publishes the guidelines for indicators of suspicion of money
laundering and terrorist financing through electronic payment services ..
To view click here

Translation of 7 page pdf document .....

Page 2 - The phenomenon of money laundering and terrorist financing is one of the
most dangerous phenomena of the national and global economy, as it constitutes
a real challenge to the resident authorities of electronic payment services, and in
view of a violation related to illegal activities, and suspicious operations that
produce huge sums that negatively affect the economy, and that these activities
represent a source of illicit money whose owners try to wash them at a later stage,
by making a set of transactions and financial transfers on these funds, to change
their illicit character and legitimizing them, and so the money laundering operations
aim to hide the sources of criminals’ money and transfer it.  After that, it would
appear as legal investments, and then mix it with the capital and profits derived
from those projects to hide its source from the eyes of the regulatory agencies
and as a result of the rapid developments witnessed by financial institutions in the
areas of electronic connectivity and other banking means, which makes those
institutions more vulnerable to the exploitation of money launderers and terrorist
financiers. This guide has been prepared to raise awareness in the fight against
money laundering and terrorist financing.  The purpose of this guide is to 
provide instructions and instructions for electronic payment services providers
(payment service providers, foreign remittance service providers, companies 
Money Exchange) based on the Anti-Money Laundering and Terrorist Financing
Law No. (39) of 2015, in order to ensure its implementation of the requirements 
for reporting transactions suspected of being linked to money laundering or 
terrorist financing activities, which contributes to Ghassan compliance with legal 
obligations that comply with relevant international standards, As 
recommendations of the Financial Action Group, and positive contribution to 
the implementation of the control plan at the national level Wherever there is 
a vocabulary or terminology in this guide, then when the definitions contained 
in the Anti-Money Laundering and Terrorist Financing Law No. (39) of 2015, as 
well as for e-payment services No. (3) for the year. 2014.

Page 3 - Stages of the money laundering process, Auto stage, the first stage,
the recruitment or deposit stage, Placement: - Where in this stage get rid of
suspicious or illegal money, by depositing, investing, or investing in the
components of the formal financial system directly, through banks and other
financial institutions , Or indirectly through the activities through which it is
possible to invest or deal in funds such as real estate, precious metals,
gemstones, and other activities And that is by sum Complex processes and
successive seeking to hide the sources of funds.  The third stage
(Integration stage): -  to give ostensible legitimacy to illicit wealth, by
re-entering funds in the economy cycle, in a way that makes it difficult to
distinguish them from funds of legitimate source, missing suspicion.  

The notifying bodies may suspect the presence of any unusual activity of a
client, when he engages in any activity or work that differs from what he is
accustomed to. Therefore, the notifying bodies should be aware of the nature
of the usual activity practiced by each client, the extent of his predecessors
from any new activity, and the suspicion is related to self-evaluation and
experience The person responsible for examining the suspicious process has
led to convincing evidence, but it does not reach the final determining stage,
because suspicion means that there is doubt or suspicion in some evidence
of the possibility of a money laundering operation, or the financing of terrorism,
or that it is about to occur. The reporting agency is to base its conclusions on
a reasonable and objective basis When examining suspicious operations,
carefully examine all the circumstances and evidence related to it, and verify
the customer or the loyalty group with whom you deal with them, the reporting
authorities should also, before preparing a report to report a suspicious process,
the conditions associated with all the process, and collect all facts, including
Available information and data about, or his work, along with any behavioral
factors related to the process to be reported.

Page 4 - General methods and trends for terrorism and terrorist financing
a. Indications for money laundering First: indicators related to due care towards
clients: 1 - the customer provides data with minimum or incomplete limits,
such as deliberate taking his actual residence 2 - providing fake data that is
difficult to verify, such as his refusal to provide the original documents, as
proof of identity 3 - inconsistency The value or frequency of operations
(creations of withdrawals / transfers ... etc.) with the information available
on the suspect (his activity, income, lifestyle, and behavior) 4 - The customer
has shown unusual interest in complying with the requirements of AML / CFT 5.
Continued dealing in the electronic wallet or card after the customer’s death
6 - The customer’s attempt to approach the employees 7 - The customer uses
different addresses 8 - Asset management on behalf of the economic right
holder. A company that has an unusual, or extremely complex ownership
structure, that does not have any clear economic or legitimate purposes
compared to the nature of its activity 10 - Transactions that do not take place
in the presence of the customer in person 11 - Exceed the ceiling of the
electronic wallet balance (compared to the type of portfolio), for example It is
not limited to the player’s cases and fraud by the pranker, by asking them for
a wallet or electronic card for a customer by high-ranking individuals who do
not have a relationship with it.  Fertilizers, some sulfuric acid, small
wires ) - CASE recurring deposit made on the electronic cards and the amounts
of fairly high water and is pulled meze one or more fragmented from ATMs (ATM)
belonging to different banks in other countries.

Page 5 - Second: Indicators related to the real beneficiary: 1. Inform the online
payment service provider of the customer's involvement in money laundering or
terrorist financing activities 2 - constantly changing the customer's sources of
income.  Third: Indicators related to the nature of the account movement:
1 - A new wallet or electronic card that receives transfers with large
amounts.  2 - Deposits with large amounts followed by transfers after a
short period of time 3. Sudden movement or activity on an inactive wallet or
electronic card. Executing multiple transactions on the same day, in different
branches and woks, without clear justification. - Increasing the number of
times of creations and withdrawals (compared to the type of portfolio) of the
subscriber himself and at the point of sale denied 6 - Increasing the number
of times of creations and withdrawals (compared to the type of portfolio) for
the subscriber himself, from a different selling point 

Fourth: Indicators related to information available from other parties: the
presence of a criminal record of the suspect, the real beneficiary, or one of the
parties to the transaction۔ The prophecy of forgery in documents, documents
or documents. 3 - The presence of parties to the suspect process, or the real
beneficiary, or others) that are investigated by sees a natural person and
legal personality at the same address. The lack of an accounting system (for
companies). 6- Having fake contracts with other parties.

Page 6 - Fifth Auto IV: indicators related to the suspect's behavior and behavior.
Behavior related badges. Signs of anxiety and confusion appearing on the
suspect or his representative 2 - frequent questioning of the suspect, or his
representative, on the details of AML and terrorist financing 3 - the suspect,
or his representative, requested that the transaction be canceled as soon as
the employee tried to obtain  Sixth: the indicators related to DEE 1 - the
employee who has occurred and the signs of a high standard of living that are
not commensurate with the salary he receives 2 - the employee who
intentionally does not get leave 3 - the employee who is keen to complete the
operations of a particular customer, and facilitate the delivery of services to
him and Exclude him from requesting internal procedures, instructions and
directives, and advise you E violates the law 4 - the employee freely liberated
him from supervisory procedures and followed the policy of evasion during
the performance of his work  VII: suspicion indicators of mortgage
financing

There are frequent transactions with people with a tendency to whom
suspicious transactions have previously been suspected, especially if they are
from foreign nationalities, receiving remittances or dealings. The name of
the customer, or the real beneficiary, is included in the lists of domestic or
international prohibitions related to terrorism. Radard 4 - Remittances To
organizations that have become suspicious of them as organizations that
support terrorism Yes, establish companies or foundations  Their accounts
are used to make money transfers, and it is shouting and a large number of
individuals deposit money in one wallet, or electronic card, without an
appropriate explanation for that 7 - Use a number of The wallet or cards
collect the money and then transfer it to individuals Or institutions, especially)
were in  high-risk areas purchasing a number of prepaid cards, and
noting their withdrawal from ATMs, and in one payment in another country.

Page 7 - Auto Suspicious Transaction Reporting Mechanism The suspicious
transaction form is filled out and sent to the Anti-Money Laundering and
Anti-Irrigation Office  due to strict confidentiality, and delivery of the
report is by any of the following means: Umm Salim by hand by the reporting
official in the Money Laundering and Financing Reporting Section Terrorism
The email of the Anti-Money Laundering and Terrorist Financing Office
(info @ aml. Iq). . If you have any inquiries in this regard, you can contact
the Macau Money Laundering and Terrorist Financing Office mobile
phone (07809291412).