Tasks of the Directorate of Supervision of Non-Banking Financial Institutions, 13 JAN

 Tasks of the Directorate of Supervision of Non-Banking Financial Institutions

 
    1- An introductory overview of the directorate:
    The Directorate of Supervision of Non-Banking Financial Institutions at the Central Bank of Iraq is responsible for licensing, supervision and control of non-banking financial institutions, with the aim of protecting the financial system from potential risks and enhancing confidence in the non-banking financial sector.
 
It also seeks to ensure the provision of safe and effective financial services to citizens, in addition to ensuring that these institutions comply with laws and instructions in accordance with global standards in the field of compliance, which contributes to enhancing financial stability.
    
    2- The directorate’s powers and tasks:
    - Licensing non-banking financial institutions.
 
        All license applications are carefully examined in accordance with the principle of equality between all applications, in order to ensure the availability of conditions that allow it to compete in the Iraqi market and keep pace with rapid developments in the global and local financial sectors, while achieving the highest levels of efficiency and transparency.
 
    - Supervision and control of non-banking financial institutions.
 
        This directorate acts as a supervisory authority, adopting a flexible and contemporary supervisory approach that enables it to carry out supervision and monitoring to ensure success in the Iraqi financial sector.
    
    3- Laws, regulations and instructions.
 
        Central Bank of Iraq Law (Link to PDF).
        Anti-Money Laundering and Terrorist Financing Law No. 3 of 2015 (Link to PDF).
        Electronic Payment Services System No. 2 of 2024 (Link to PDF).
        Work regulations for agents of foreign remittance service providers for the year 2021 (Link to PDF).
        Operating controls for exchange companies (Link to PDF).
        Regulations for the work of financing companies (Link to PDF).
    
    4- Types of non-banking financial institutions.
    A- Types of non-banking financial institutions
 
        Electronic payment companies (redirect link to the electronic payment companies page).
        Exchange companies (redirect link to the exchange companies page).
        Finance companies (redirect link to the finance companies page).

B- Licensing requirements and controls for each type.
 
        Electronic payment companies (Link to Page).
        Exchange companies (Link to page).
        Finance companies (Link to page).
    
    5- Control and inspection procedures.
 
        Oversight methodologies and inspection mechanisms (Link to PDF).
        Periodic reports required from institutions.
        Requirements for appointments to leadership positions (Link to PDF).
    
    6- Reports and publications.
    7- Advertisements
    8- Updates related to laws and instructions.
    9- Workshops and training courses.
    10- Communication channels.
    
    11- The official mail of the directorate.
 
        The Directorate’s email ( nbfi.supervision@cbi.iq ).
        The official email of the Exchange Companies Control Department (Company.sup@cbi.iq) .
        The official mail of the Finance Companies Control Department.
        The official email of the Electronic Payment Service Providers Monitoring Department (electronicpay.bs@cbi.iq)
  
https://cbi.iq/news/view/2759