Central Bank: Electronic Payment Systems Have Contributed To Enhancing Iraq’s Compliance With Anti-Money Laundering, 16 SEPT

 Central Bank: Electronic Payment Systems Have Contributed To Enhancing Iraq’s Compliance With Anti-Money Laundering

  
Economy   Iraq   breaking   Central Bank   Electronic payment   Compliance   Anti-money laundering
Shafaq News/ The Governor of the Central Bank of Iraq, Ali Al-Alaq, said on Saturday that the use of electronic payment systems and technologies used in the banking sector has contributed to enhancing compliance in combating money laundering in the country.

These statements were made by Al-Alaq on the sidelines of his hosting of the conference on electronic payment towards financial stability in Iraq, which was held in the capital, Baghdad, and was attended by a Shafaq News Agency correspondent.
 
The Governor of the Central Bank said that the world's focus today is on implementing compliance rules in combating money laundering, and that the  safety of banking operations is the safety of   
     society, the
     economy,
     internal and
     external banking relations, and others.

He stressed,  "There is a great focus on measuring the extent of compliance in each of the operations.
 
Therefore, when we apply anything within the framework of electronic payment and its various tools and channels or elsewhere, the question comes: 
 What is the capacity of compliance and governance in these operations?" Al-Alaq pointed out that 
 “when the conversation is about electronic matters, the application is easy and possible, and therefore the

      level of compliance is much better than the usual traditional operations, and is even
     faster and more accurate, and
     gives a complete detail of all operations.” He added,
 
"Today, in using personal cards, we have a complete and direct analysis of all transactions.
 
Where do they take place?
 
What type of operations take place?
 
Are they consistent with compliance standards, sources of funds, etc.?
 
In the process of analyzing data, it is possible to give us important results and redirect matters in a way that does not represent... Any kind of fraud or hacking.”   
 
https://shafaq.com/ar/اقتصـاد/البنك-المركزي-انظمة-الدفع-ال-لكتروني-ساهمت-بتعزيز-امتثال-العراق-بمكافحة-غسل-ال-موال   

 

DINARLAND HIGHLIGHTS, 16 SEPT

 Summary

Updates on the Iraq Dinar’s potential revaluation highlight September as a critical month, with various intel sources suggesting significant changes ahead.

Highlights

• 🚀 September is termed the “golden month” for Dinar revaluation.
• 💵 US Treasury has reportedly received orders to release funds.
• 🏦 No lower denominations are in circulation; revaluation is crucial.
• 🌍 Iraq is moving towards a global financial system with stable exchange rates.
• 📈 Digital banks are on the rise, indicating financial modernization..
• 🔍 Ongoing research and personal advice are encouraged 

Key Insights

• 🔔 The Dinar’s potential rise is linked to September, indicating crucial developments for investors.
• 📊 The absence of lower denominations suggests a strategic delay in the revaluation process, emphasizing the importance of market stability.
• 🌐 Iraq’s shift to a global financial system highlights its commitment to economic transparency and efficient commerce, potentially boosting investor confidence.
• 💡 The increase in digital banks reflects Iraq’s modernization efforts, which could lead to a stronger economy and a favorable environment for currency revaluation.
• ⚖️ The emphasis on personal research and consultation with licensed advisors underlines the importance of informed decision-making in financial investments.
• 🔜 With significant figures suggesting imminent change, the landscape for Dinar investors may shift rapidly, making timely information critical.

DINARLAND HIGHLIGHTS!!: SEPTEMBER A PIVOTAL MONTH TO OUR RV @DINARREVALUATION

Governor Of The Central Bank Of Iraq: We Have Come A Long Way In The Process Of Reforming The Banking Sector, 16 SEPT

 Governor Of The Central Bank Of Iraq: We Have Come A Long Way In The Process Of Reforming The Banking Sector

The Central Bank of Iraq participated in the conference on electronic payment towards financial stability in Iraq, which was held under the patronage of the Iraqi Prime Minister, Mr. Muhammad Shiaa Al-Sudani, and organized by the Association of Iraqi Private Banks, with wide participation of the parties concerned with electronic payment and the Iraqi banking sector.
 
His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, said during the first session of the conference that the digital transformation movement in Iraq, especially the financial and economic part, constitutes a priority for the government and the Central Bank of Iraq and aims to provide the best banking services, stressing that there is a great movement to advance the digital transformation, which represents the sector.
 
Banking and finance are a major pillar of it.  He noted that despite the challenges and obstacles that the country has faced in recent decades, the   process of digital transformation is taking place quickly through the indicators available at the Central Bank, stressing that   it is moving in the right direction.
 
The Governor stressed that there is a very important aspect of keeping up with developments and changes.
 
There is direct communication with internal and external parties, which is at two levels.  The  first includes capacity building within the banking sector by providing competencies and various applications, as the Iraqi staff is characterized by adaptation and development, and the  second is  cooperation.
 
The International Bank and the Central Bank of Iraq have broad and effective relationships with international financial and monetary institutions and banks around the world.

His Excellency revealed the process of reforming the banking sector, especially the government sector, noting that it has come a long way and it is now possible to implement what was stated in the Central Bank’s plan in the banking reform process until the end of this year.
 
Regarding the experience of digital banks, His Excellency the Governor indicated that the developments and employing them in a direction that serves the public made us move towards digital banks in Iraq as it is a new experience in countries of the world, indicating that
 
Iraq will be one of the countries that are progressing in digital banks as the number of requests for digital banks increases.
 
It reached 60-70 banks, and the bank will choose a limited number as a first stage, in accordance with the applicable controls and conditions, and it will be subject to an evaluation stage by the Central Bank of Iraq.   Central Bank of Iraq  Media office     September 14, 2024   uhttps://cbi.iq/news/view/2670   

MELANIA HINDS CC NOTES HIGHLIGHTS, 16 SEPT

Summary

Iraqi dinar owners should watch the live stream for vital intel on revaluation, digital banking developments, and emerging economic stability in Iraq.

Highlights

• 📈 Significant surge in financial inclusion in Iraq.
• 💻 70 digital banks applied for licenses from the Central Bank.
• 🔒 Counterfeit currency seized, enhancing trust in the banking system.
• 🔄 Stable exchange rate is crucial for the dinar’s revaluation.
• 🛣️ Development Road Project funded by China to boost Iraq’s economy.
• 🤝 Direct banking relationships with foreign banks are being established.
• 🙏 Prophetic insights emphasize the imminent value increase of the dinar.

Key Insights

• 🌍 Economic Recovery: Iraq is witnessing a rise in financial inclusion, indicating a shift towards a more stable and trustworthy banking environment. This enhances investor confidence.
• 💼 Digital Banking Revolution: The approval of 70 digital banks signals a significant modernization of Iraq’s banking sector, facilitating smoother foreign transactions.
• 🔍 Counterfeit Crackdown: Recent actions against counterfeit currency bolster the integrity of the dinar, making it a safer investment for holders.
• ⚖️ Importance of Stability: The stable exchange rate of 1310 dinars to the US dollar is essential for potential revaluation, suggesting a planned and measured approach to currency value adjustments.
• 🚀 Investment Opportunities: The Development Road Project could transform Iraq into a key player in global trade, leveraging its strategic location between East and West.
• 📊 Shift in Banking Relationships: Moving towards direct banking relationships with major foreign banks enhances Iraq’s financial autonomy and could lead to improved economic conditions.
• ✨ Prophetic Insights: The speaker emphasizes a spiritual perspective, suggesting that faith in the dinar’s future value is essential for investors, as divine timing plays a role in economic shifts.

Iraq's Economic Transformation: A New Era in Global Trade

Economist: The Path Of Development Will Pass Through 12 Iraqi Governorates And Will Move Iraq To Global Status, 16 SEPT

 The economic expert, Abdul Rahman Al-Sheikhli, confirmed that the development road will pass through 12 Iraqi governorates and will have great investment opportunities.  Al-Sheikhli said {to Al-Furat News} that:

 
“The development path will move Iraq from a regional to a global situation in terms of trade, as it will pass through 12 Iraqi governorates and will have great investment opportunities.” 

He added,  "The development road project will provide Iraq with great regional and international relations.  It will also attract Iraqi manpower, and we are optimistic about it."

Al-Sheikhli continued,  "The stability of the security situation reflects the extent of interest in the future and the increase in investment opportunities in the country," noting that "the economic system in Iraq has changed since 2005 to a  market system, and on this basis the system must be transformed from a rentier economy to a productive one."   
 
https://alforatnews.iq/news/خبير-اقتصادي-طريق-التنمية-سيمر-بـ12-محافظة-عراقية-وسينقل-العراق-الى-العالمية