KRG civil servants required to open bank accounts by March 2025 under MyAccount initiative, 7 OCT

  The official seal of Central Bank of Iraq. (Photo: Designed by Kurdistan24)

KurdistanCentral Bank of IraqMyAccount initiative

ERBIL (Kurdistan24) – The Central Bank of Iraq announced on Sunday that all civil servants in the Kurdistan Region must open a bank account as part of an agreement between the Kurdistan Regional Government (KRG) and the Iraqi federal government. According to the agreement, civil servants who fail to open a bank account by March 2025 and are not registered under the MyAccount initiative will not receive their salaries.

A source at the Central Bank of Iraq told Kurdistan24 on Sunday that the MyAccount initiative is similar to Iraq’s Tawtin project, which is in line with the US Federal Reserve System’s requirements. Both initiatives aim to ensure that all civil servants across Iraq and the Kurdistan Region have personal bank accounts, a move aimed at reorganizing the financial and banking sector in the country.

The initiative has already begun to be implemented. In August, 132,000 civil servants in the Kurdistan Region were scheduled to receive their salaries through the MyAccount initiative. Of these, 40,000 civil servants were paid on Sunday, 46,000 on Monday, and another 46,000 on Tuesday.

The MyAccount initiative marks a significant shift towards modernizing Iraq’s financial infrastructure and promoting transparency in public sector payroll systems.

The Department of Information Technology (DIT) developed and implemented a secure application for onboarding civil servants in compliance with the Central Bank of Iraq’s Know-Your-Customer (KYC) requirements, according to a press release shared with Kurdistan24.

Eight banks have joined the program, including BBAC, Cihan Bank, RT Bank, Bank of Baghdad, Iraqi Islamic Bank, National Bank of Iraq, Trade Bank of Iraq, and the International Development Bank.

Designed to offer civil servants a safe and convenient way to access their salaries, the MyAccount initiative underscores the KRG’s commitment to improving financial services for public sector workers.

kurdistan24.net