Q & A TO ASK A WEALTH MANAGER BEFORE OR AFTER YOUR EXCHANGE BY FREEDOM FIGHTER & GOLDILOCKS, 3 SEPT

 🚨SPECIAL: Wiley M TOP Questions to Ask A Wealth Manager Before OR After Your EXCHANGE

02/09/2024, 19:30:03

5:36

Thank you for tuning into our channel, Goldilocks Global Banking news.

All right, so the first question that you propose for the people is, are you a fiduciary when speaking to the wealth manager?

This is important, but if I can, I want to back up just one step real quick.

If I can absolutely talk about when they go do an exchange with that banker, whoever they've already done that introduction with or have that relationship with, or even if they don't and they go to do this exchange in a bank, I would bet just about everything they're going to say, hey, 

would you like to talk to one of our financial planners or would you like to talk to our, our wealth manager?

Kind of same name, just different lingo.

Inside the bank, we know that they have all kinds of different titles, but that's the opportunity to say, yes.

Yes, I would not mind listening to that.

And that door, that way, that door is open for them.

And there's 50% of the battle.

They've already gave you the introduction.

All you have to do is walk through.

So what you're saying is that it's very beneficial for, for them to establish the relationship upfront at some point, even way before it's time to exchange.

That's, that's what I'm hearing, correct?

Well, they don't necessarily have to, but if they've already established that relationship with the bank, why not ask, do you have wealth management internally?

There's possibly I could visit with one of them quickly.

Do they have a minute to speak with me?

And then that's when you get their card or ore say, hey, can I, can I at some point sit down with you and talk about some different things?

Because you're going to pick up more information from them because they're more in tune to this than the true banker is because they have different roles.

Their role is to make you money.

Because the way they make money is.

The banker is more of a administrative executive role.

And with that said, I'm sorry to backtrack on you a little bit.

Yeah, but as far as the fiduciary.

Just, I think we talked about it the other day.

Fiduciary is just somebody who works in your best interest.

And they're gonna, they're gonna talk to you about this.

They're gonna disclose how they get paid or compensated, you know, and know that they work for you.

Now if they work for the entity or whoever, they will have to disclose that as well.

They don't want to get caught in some issues with you or anything.

And let this flow like a conversation you're having with a personal friend.

It's, it's, it's not as challenging.

I've had people dm me thinking it is so.

Because ultimately the wealth manager that they're interviewing that person works.

Now if it's a scenario we spoke of just a little bit ago, now if they work for the bank, right, and they're, they're part of the bank in the wealth management division, they work for the bank, but they have to work on your best interest.

That's their fiduciary responsibility.

Which, which leads me into what I was talking about a little bit, that they're going to work in your best interest.

So one of those things that I'd ask is like, hey, I'm, hey, how much is this?

Do I have to pay upfront fees?

And these are, ask these however you want, but they will explain that to you.

But what I want to give you all tonight is just a base foundation of just a common, like, freedom.

And I talking here tonight, just having a conversation back and forth.

And that's what it should be like.

And just the easy flow with like you, like you're sitting down talking to.

Talking to a friend that you're looking to get information from.

Because you're going to visit with this guy quite a little bit as you get ramped up and as you get going to do different things and as you start learning more about what it is they can do for you and how your money is working.

And there's no such thing as a stupid question.

US Treasury Applauds Iraq's Banking Reforms! #iraqidinar

@DINARREVALUATION

https://www.youtube.com/shorts/6M7vhT4-1DY

DINAR REVALUATION REPORT: THE PROPOSAL BY THE CBI TO REPLACE THE SWIFT SYSTEM, 3 SEPT

The recent proposal by the Central Bank of Iraq to replace the SWIFT system with direct banking relations through international correspondent banks is a significant development with potential implications for Iraq’s financial system. Here are some key takeaways and implications of the proposed changes:

Key Points

1. Objective of the Change: The primary goal is to transition from the SWIFT system to a model based on direct banking relations. This shift aims to enhance transparency, efficiency, and stability in Iraq’s foreign trade financing operations.

2. Progress and Improvements: The Central Bank of Iraq has made notable progress in controlling foreign transfers and dollar cash sales. This progress has been recognized by the US Treasury Department and the Federal Reserve Bank, indicating improvements in the country’s financial and economic stability.

3. International Collaboration: The proposal involves discussions with international auditing firms and the Federal Reserve Bank. The aim is to ensure that Iraqi banks meet the necessary standards for opening accounts with international correspondent banks.

4. Impact on Private Banks: The transition could impose stricter restrictions on Iraqi private banks, potentially reducing competition and favoring banks in neighboring countries like Jordan, which already have established correspondent banking relationships.

5. Consulting and Reform: The Central Bank is reportedly close to signing a contract with Oliver Wyman for consulting services. This study is expected to provide a roadmap for reforming the Iraqi banking sector, focusing on how private banks can adapt to the new system.

6. Market Reaction: The proposed changes have led to a slight increase in the exchange rate of the dollar in local markets, with fluctuations in Baghdad and Erbil stock exchanges reflecting market responses to the anticipated reforms.

Implications

• Stability and Transparency: The move aims to bolster the stability and transparency of foreign trade operations, which could improve investor confidence and contribute to economic stability.

• Operational Challenges: Iraqi banks will need to adapt to the new system, which may involve significant changes in their operations and compliance procedures. This could be challenging, particularly for smaller or less established banks.

• Impact on Competition: If the transition results in increased restrictions on local private banks, it could reduce competition and potentially drive more business to foreign banks, particularly those in Jordan.

• Monitoring and Compliance: Enhanced supervision by the Central Bank and Federal Reserve could lead to better compliance with international standards, reducing risks related to money laundering and financial crimes.

Overall, while the transition from SWIFT to direct banking relations represents a strategic move to enhance Iraq’s financial stability and efficiency, it also presents challenges that will require careful management and adaptation by Iraqi banks.

US Treasury Praises Iraq's Progress In Monitoring Transfers And Selling Dollars, 3 SEPT

 September 1, 2024   Proposal to cancel SWIFT and replace it with relations with the international banking network

Baghdad - Qusay Munther   New York - Morsi Abu Touq  The US Treasury Department praised the remarkable progress made by the Central Bank of Iraq in strengthening control procedures over foreign transfers and cash sales of the dollar, while considering that these steps contribute to strengthening financial and economic stability in the country.

Auditing Companies

A statement by the bank received by (Al-Zaman) yesterday said that (a high-level negotiating delegation headed by Governor Ali Mohsen Al-Alaq held a series of intensive meetings in New York City, USA, which included discussions with the US Treasury Department and the Federal Reserve Bank,

in addition to meetings with a group of companies, including international auditing companies, who praised the major transformations achieved by the Central Bank, represented by the remarkable progress in the procedures for monitoring foreign transfers and cash sales of the dollar currency),

adding that (this led to improving systems, policies and procedures in accordance with international and local standards, enhancing transparency in covering foreign trade and providing protection for the banking and financial sector from the risks of money laundering, financing terrorism and financial crimes),

and pointed out that (a meeting will be held between bank officials and its international partners by the end of this year regarding the major transformation in ending the work of the electronic platform for foreign transfers and replacing it with direct banking relations between Iraqi banks and the network of international correspondent banks, according to the plan developed by this bank,

and implemented internationally, which will allow the Central Bank and the Federal Reserve Bank to exercise their supervisory roles Away from the executive procedures, this transformation will have important repercussions on the stability, fluidity and transparency of the country’s foreign trade financing operations,” he continued, adding that “this step will contribute to achieving the required stability in exchange rates, which in turn will enhance the efficiency of the financial system in Iraq.

” The statement stressed that “the meetings also addressed mechanisms for expanding the network of international correspondent banks and qualifying Iraqi banks to meet the necessary requirements for opening their accounts with international correspondent banks, with the aim of enabling them to complete their financial transactions, whether through external transfers in US dollars or other foreign currencies.”

A source had previously revealed an unannounced visit by the Central Bank to the United States of America to discuss developments in the Iraqi banking sector.

Banking Sector

The source said in a statement yesterday that (a delegation from the Central Bank, led by Al-Alaq, and a number of general managers, visited the United States of America, since the 26th of last month, to discuss developments in the banking sector and the restrictions on the use of the dollar imposed on a large number of private banks),

and he continued that (the Central Bank delegation discussed canceling the platform at the beginning of next year, and relying on correspondent banks, which will increase the imposition of restrictions on Iraqi private banks, and completely eliminate competition in favor of Jordanian banks that have American correspondent banks),

noting that (the Central Bank is close to signing a contract with Oliver Wyman, the consulting company for the Iraqi Development Road, to conduct a study on reforming the Iraqi banking sector, and in order for it to be approved by the bank as a roadmap for reforming the private banking sector).

The dollar exchange rate rose slightly in the Baghdad and Erbil stock exchanges. Money exchange office owners said yesterday that “dollar prices rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges to record 149,200 dinars for every hundred dollars.

” They added that “selling prices in exchange offices in the local markets in Baghdad stabilized at a selling price of 150,000 dinars, while the purchase price reached 148,000 dinars for every hundred dollars. As for Erbil, the stock exchange does not trade on official holidays, but the dollar recorded a slight increase there.”   LINK

MELANIE HINDS: " IRAQI DINAR RATES & DATES" CC NOTES, 3 SEPT

 Started off with the CBI sold 279 million in the auctions, the forex auctions.

Of course they're continuing to de dollarize.

There were iraqi pension authority confirms Shafak.

They began making payments to their pensioners and that is huge news.

How are they affording to do that?

There's a couple articles about that.

And then the CBI announces the outcome of the key us visit with Shafak news.

Guys, I broke that this morning.

All the details were in there.

But basically what happened is they had a great meeting and what they decided did was this.

CBI confirmed that the delegation held a series of intensive meetings in New York, including discussions with the US Treasury Department and the Federal Reserve.

The delegation also met with representatives from major companies like Visa, Mastercard and MoneyGram.

That's all about their digital banking system that I've been telling you about for a couple years now.

That is the answer to their security and stability.

The delegation also met with representatives from major companies as well as financial institutions such as Citibank, JP Morgan.

I've always said JP Morgan is going to be the number one that's handling all these centers and the ATM's and new banks in the REIT, that region.

And international auditing firms, including KPMG, Eny, K 21 I and Oliver Wyman.

I think they're putting out another request for proposal for.

After the raid is announced.

So that was a top level meeting.

Again, I read the entire article on this morning's and I did go through painstakingly detail and put the timestamps in this afternoon.

So if you want to go back and revisit just the timestamps and listen to the details, it's up already on the live stream.

They also said there was a misleading campaigns.

They're gonna go after anybody, any news agency.

That's misleading the people.

There is a part of this that is kind of going to be misleading about this happening or not happening.

They're not going to tell you when it is.

And then, let's see, teachers might strike over there.

There's some stuff I didn't really focus on that the Kurdistan oil production increases despite the pipeline.

I went through all the details.

He said once was no longer.

I went through and read most of those details.

I guess Saddam Hussein's palace that was in the Kurdistan regional area is.

They're going to make it into like a monument or something.

Now, this happened in the chat again.

You can go watch the live stream.

This was probably about 50 minutes in.

Check the time stamp to be sure, because I went through in painstaking detail.

And this was by the time I was out on the porch, I was split between.

I started in the morning in the house and out on the porch.

So I continued with intel.

When I got out here, this was after, towards the end.

So our contacts over there, secret agent Mann said, please tell Kat Kondo that in the future, Iraq will sell oil in dinar.

It has been said that it will sell for 26 dinars.

But that was over twelve years ago by Doctor Shabibi.

I expect it to be about 45 dinars a barrel.

If you want to do the numbers, do it and comment down below.

It's a good little test for you when.

And at that rate, after trading currencies, it could sell for about $90.

So a little math problem for you.

Back in the day, at 26 dinars, at 322 was the second set of books that everyone talked about.

You configure the rate for oil by this matrix, Sergeant Scott, if you want to talk about that, we'll talk about that live at five.

I don't have time to go into all those details.

They now, they say they will need 90 dinars per barrel divided by a base of 322.

As an example, you will get a speculative rate for the exchange.

So how about one of you geniuses out there go ahead and do that and put it down below so that we can all see it?

That would be a great contribution.

And then watch the sucker rates are coming.

The sucker rates are coming.

Have you ever read who moved my cheese?

You never go for the first rate, right?

NDA IN CURRENCY EXCHANGE

"ONLY A HANDFUL OF BANKS IN IRAQ WILL SURVIVE THIS AUDIT FOR THE SUCCESS OF THE MONETARY REFORM" BY FRANK26, 3 SEPT

 KTFA

FRANK26: "ONLY A HANDFUL OF BANKS IN IRAQ WILL SURVIVE THIS AUDIT FOR THE SUCCESS OF THE MONETARY REFORM"..............F26

Oliver Wyman Company and lifting sanctions on banks banned from the dollar 

9/1/2024

 

Ali Daadoush

   

 

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The Central Bank of Iraq has contracted with Oliver Wyman, a global consulting firm that has the ability to “restructure companies to succeed in difficult times, build a new strategy in banking, and be a leader in risk, strategy, and human resources, helping clients navigate a dynamic environment across four global firms.”

A firm like Oliver Wyman can therefore help sanctioned Iraqi banks understand the sanctions imposed on them, work on strategies to mitigate their impact, and even help remove these sanctions in some cases.  

Legally, the firm can help Iraqi banks understand international laws and sanctions applicable to them,  identify any legal risks associated with their activity, and then provide recommendations on how to improve banks’ compliance with international sanctions, and develop plans to mitigate risks. In addition, the firm will help Iraqi banks communicate with international government agencies to learn more about the sanctions imposed on them, or to request “exceptions or mitigations,” by providing training programs for employees in Iraqi banks to develop their skills in the field of sanctions compliance.

From the above, we conclude that Oliver Wyman can play an important role in helping Iraqi banks understand and implement international sanctions effectively, and then submit a recommendation to the Treasury Department and the Federal Reserve that paves the way for lifting the sanctions.

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