The Commercial Islamic Bank of Iraq is keen to adhere to the instructions and controls of the Central Bank of Iraq, and local laws related to combating money laundering and terrorist financing No. (39) of 2015, in addition to the recommendations issued by the Financial Action Task Force (FATF), and relevant international organizations. The bank also follows a set of decisions issued by the United Nations and other organizations specialized in this field.
It seeks to ensure the integrity and security of banking operations by taking all necessary measures to prevent the bank from being used to carry out money laundering and terrorist financing activities.
The Commercial Islamic Bank of Iraq applies due diligence procedures towards customers when opening bank accounts, and uses the latest models to update customer information periodically. It also adopts strict models that are in line with the best international practices in the field of combating money laundering and terrorist financing. In addition, the bank relies on advanced monitoring systems to monitor banking operations and detect any suspicious activity, which ensures full compliance with the instructions issued by the Central Bank of Iraq.
The Commercial Islamic Bank of Iraq has a highly qualified team specialized in combating money laundering. The bank is keen to provide its employees with the latest training programs to ensure that they keep pace with the continuous changes in regulations and laws. The bank also encourages all its employees to immediately report any suspicious activity through the official reporting channels.
