Iraqi Bank Training on Cross-Border Payments, Financial Integrity, 1 FEB

  Iraqi Bank Training on Cross-Border Payments, Financial Integrity

30th January 2025  By John Lee.

The Washington DC-based Institute for Financial Integrity (IFI) has announced the launch of the Financial Integrity and Cross-Border Payments Training Program for the National Bank of Iraq (NBI), developed in partnership with the Central Bank of Iraq (CBI) and K2 Integrity.

According to a press release from IFI, this groundbreaking initiative aims to enhance the integrity of the Iraqi financial system by ensuring cross-border payments originating from Iraq adhere to legal requirements, regulatory expectations, and global standards. 

Designed for National Bank of Iraq employees, the training program is designed to:

Create a community of financial integrity experts at NBI to enhance the CBI's efforts in effectively addressing significant illicit finance threats to both the Iraqi and global financial systems.

Facilitate and demonstrate effective implementation of global Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) standards in line with Financial Action Task Force (FATF) recommendations and guidance.

Promote a culture of financial crime compliance and risk management throughout NBI.

Ayman Omran Abu Dhaim, CEO at National Bank of Iraq, remarked:

"Ensuring the integrity of financial transactions is crucial for fostering trust and stability in both domestic and international markets. This comprehensive training program will ensure that NBI is a leader in promoting a culture of compliance and protecting the Iraqi and global financial system from abuse by illicit actors.

The blended training program will be delivered both live as well as online through IFI's DOLFIN® platform. Key program features include:

In-depth, live training sessions led by experts from IFI and K2 Integrity

eLearning library featuring videos of experts covering core topics

Practical case studies focusing on real-world challenges and solutions

Resources and tools to support ongoing compliance efforts

Grant Kreft, Chief Executive Officer at Institute for Financial Integrity, said:

"At IFI we're proud to deliver this important training to the National Bank of Iraq... This program represents a significant step towards enhancing the regulatory framework surrounding cross-border payments in Iraq, ultimately benefiting the broader international financial community."

(Source: IFI)   LINK