Iraq regulates AML/CTF through the Office of Combating Money Laundering and Terrorist Financing and Law No. 39 of 2015. See the obligations and how MemberCheck supports them.
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Iraq built the foundation of its AML/CTF regime through the Central Bank of Iraq, which first housed a money laundering reporting office in 2007. Law No. 39 of 2015 reconfigured that function as the Office of Combating Money Laundering and Terrorist Financing, the country's financial intelligence unit, with financial and administrative independence inside the central bank. Supervision of regulated firms remains with the Central Bank of Iraq, which issues the due diligence instructions and inspects against them.
Financial institutions and designated non-financial businesses must run customer due diligence, keep records, monitor transactions, and report suspicious activity to the office. Supervisors expect a documented compliance framework, a named responsible officer, and continual staff training, and the office can suspend suspicious transactions for up to seven working days.
MemberCheck helps teams meet these obligations by screening customers and entities against global sanctions, PEP, and adverse-media data, verifying identities, and monitoring risk continuously, with a clear audit trail behind every decision.
Iraq's AML/CTF supervisor for banks and other financial institutions. It issues the customer due diligence instructions, extended by Instructions No. 1 of 2023 to designated non-financial businesses, and inspects firms against them.
Iraq's financial intelligence unit, first established within the Central Bank of Iraq in 2007 and given financial and administrative independence in 2015. It receives, analyses, and disseminates suspicious transaction reports to law enforcement.
Iraq's principal AML statute. It sets customer due diligence, record-keeping, and suspicious transaction reporting duties, and lets the office suspend transactions for up to seven working days where illicit proceeds are suspected.
As a MENAFATF member, Iraq aligns its regime with the FATF Recommendations that shape expectations for financial institutions and designated non-financial businesses.
The Central Bank of Iraq is the AML/CTF supervisor for banks and other financial institutions. It issues the customer due diligence instructions, most recently Instructions No. 1 of 2023 covering financial institutions and designated non-financial businesses, and inspects firms against them. The Office of Combating Money Laundering and Terrorist Financing, a financially and administratively independent department within the central bank, is the separate financial intelligence unit.
The Anti-Money Laundering and Countering the Financing of Terrorism Law No. 39 of 2015 is Iraq's principal AML statute, setting customer due diligence, record-keeping, and suspicious transaction reporting obligations.
Iraq is a member of MENAFATF, the FATF-style regional body for the Middle East and North Africa, and aligns its AML/CTF regime with the FATF Recommendations.
MemberCheck screens customers and entities against global sanctions, PEP, and adverse-media data, verifies identities, and monitors risk continuously, with an audit trail behind every decision.
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