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AML/CFT Legislation in Iraq

AML/CFT regulations in Iraq

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PEP and Sanction Check
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Adverse Media Check
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Customer Identity Verification
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AML/CFT Supervisors in Iraq

Anti-Money Laundering and Countering Financing of Terrorism Office

The Office of Combating Money Laundering and Terrorism Financing (Money Laundering Reporting Office) was established in 2007 within the Central Bank of Iraq's structure, and was reconfigured in 2015 with complete independence after the issuance of the Anti-Money Laundering and Terrorism Financing Law No. (39.  This law states that an office, referred to as the Office of Combating Money Laundering and Terrorist Financing, shall be established in the Central Bank of Iraq at the level of a public department that enjoys moral personality as well as financial and administrative independence.

Role of the office of Anti-Money Laundering and Countering Financing of Terrorism in Iraq

The major requirements from this office are the following:

Receiving, acquiring, or investigating reports or information from reporting bodies about operations suspected of including proceeds of original crime, money laundering, or terrorism funding.

Communication or information analysis. In order to carry out its tasks, the AML/CFT office must get any extra information it deems necessary for performing the analysis from the reporting entities.

Suspension of the financial transaction or activities for a period of not more than  7 working days if there is a concern about proceeds smuggling or damage to the analysis' conduct.

The transmission of communications based on reasonable suspicion of money laundering, terrorism funding, or predicate offenses, with the Presidency of the Public Prosecution taking legal action and notifying the appropriate authorities.

Compliance Program

Iraq Financial Institutions and Designated Non-Financial Business and professions are required to have a compliance program.  These programs will collectively leverage the country of Iraq to reach the following:

Exchange of information on money laundering and terrorism financing with competent authorities in government departments and the public sector, as well as coordination with them in this respect.

Participation in the Republic of Iraq's representation in international  organisations and conferences relating to the fight against money laundering and terrorism financing.

Establishing a database available to the AML/CFT office as a national centre for analysing and disseminating information about potential money laundering or terrorist financing, and assisting judicial authorities in enforcing the law's provisions.

Compiling and analysing detailed statistics on issues related to the AML/CFT Office's functions.

Organising training sessions for concerned personnel to keep them up to date on recent advances in the field of money laundering and terrorism funding.

Notifications of any financial institution or non-financial enterprises and vocations that violate the terms of the AML/CFT law to regulatory authorities or other competent authorities.

Providing technical assistance  in aspects of money laundering and terrorism funding conventions and treaties.

How can MemberCheck Help?

Our clients are provided with a secure and simple solution in regard to scanning for politically exposed or high-risk individuals, as well as checking names against sanction, regulatory, law enforcement, and other official lists.

Use our sophisticated scan filters and due diligence workflow to minimise the amount of time you spend sorting through, false matches. Scan results and reporting sections allow you to access customer details, whenever and wherever required, as well as download reports, to customise for further investigation or to provide evidence of your AML program compliance for auditing purposes.

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* This page is intended as general information only and should not be relied on as the sole source of information for your AML obligations and AML program. Please visit your local regulatory authority sites for the latest relevant and full information.

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