Wadih Al-Handhal: The majority of banks have demonstrated a high commitment to transparency and compliance standards.

HowieC · May 28, 2025

Wadih Al-Handhal: The majority of banks have demonstrated a high commitment to transparency and compliance standards.

Economy News - Baghdad

The head of the Iraqi Private Banks Association, Wadih Al-Handhal, confirmed on Wednesday that the majority of Iraqi banks have demonstrated a high commitment to transparency and compliance standards and have followed approved national and international regulations.

During the second session of the Anti-Money Laundering and Combating the Financing of Terrorism Conference, attended by an Al-Eqtisad News correspondent, Wadih said that some of the recent measures imposed on a number of Iraqi banks do not reflect the true reality of the banking sector. He explained that the majority of banks have demonstrated a high commitment to transparency and compliance standards and have followed locally and internationally approved controls. Despite the negative impact of these measures on the image of the Iraqi financial system, he expressed his confidence in the sector's ability to regain the confidence of international partners and overcome this phase.

He emphasized that the Iraqi banking sector is undergoing fundamental transformations, under an ambitious reform plan led by the Central Bank of Iraq with direct government support. The plan aims to enhance the efficiency of the financial system and bolster international confidence, particularly in the areas of compliance and anti-money laundering.

Rich agenda and vital topics

The conference will extend over two days, during which participants will discuss a number of research papers and vital topics, most notably:

Challenges related to opening accounts with correspondent banks.

Ways to enhance cooperation between Arab banks.

The role of technology and artificial intelligence in supporting compliance efforts.

Local and international legislation and the role of central banks in establishing sustainable compliance.

In concluding his remarks, the Association President thanked Prime Minister Mohammed Shia' Al-Sudani for his continued support of the banking sector, and the Governor of the Central Bank, Dr. Ali Al-Alaq, for his reform efforts. He also commended the role of the Union of Arab Banks in organizing this important event, and thanked all the supporting and participating entities.

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Added 05/28/2025 - 10:38 AM