How Electronic Payments are Transforming ANTI-MONEY LAUNDERING Complian...

DINAR REVALUATION REPORT : Electronic Payment Systems Strengthen ANTI -MONEY LAUNDERING (AML) Compliance, 17 SEPT

 Electronic Payment Systems Strengthen AML Compliance

The Central Bank of Iraq (CBI) has acknowledged the significant role of electronic payment systems in enhancing the country's compliance with anti-money laundering (AML) regulations. During the Electronic Payment Conference for Financial Stability in Iraq, held in Baghdad in September 2024, CBI Governor Ali Al-Alaq emphasized that the utilization of electronic payment systems and banking technologies has significantly improved Iraq's AML efforts. 

Al-Alaq highlighted that the global focus on implementing AML compliance rules has been bolstered by the adoption of electronic payment systems. He explained that the safety of banking operations is paramount for community welfare, economic stability, and domestic and international banking relations. Al-Alaq stressed that when implementing any process within the framework of electronic payment systems, the question of compliance and governance arises, with a greater emphasis on measuring the level of compliance in each operation. 1

Digital Payments Offer Enhanced Compliance and Faster Transactions

The governor noted that electronic matters are easier to apply and more feasible, leading to much better compliance levels compared to traditional methods. Electronic payments offer faster and more accurate transactions, providing detailed insights into every transaction. With the use of personal cards, comprehensive and real-time analysis of transactions is possible, including the location and types of transactions, and whether they align with compliance standards and sources of funds.  3

New Regulations for Electronic Payment Services

To further enhance financial security in Iraq, the Iraqi Cabinet issued a new set of regulations for electronic payment services in April 2024. This landmark regulatory update, published in the Official Gazette, replaced the 2014 framework and introduced significant changes to bolster efficiency, security, and transparency in the financial sector. 4 The new regulations define electronic payment services and mandate that entities seeking to offer them must obtain a license from the Central Bank of Iraq, with licenses valid for ten years and renewable upon approval. The Central Bank holds exclusive authority over the regulation, registration, and licensing of third-party-operated electronic payment systems and their compliance monitoring. 4

Digital Banking Regulations in Iraq

In addition to the new regulations for electronic payment services, the Central Bank of Iraq launched a regulatory framework for licensing digital banks in Iraq on March 28, 2024. 5 Digital banking is revolutionizing the financial sector in Iraq, but it also requires navigating complex regulatory frameworks. Digital banks must comply with capital requirements, shareholder composition, and other licensing conditions and seek approval from the Central Bank of Iraq before appointing leaders. 5

SWOT Analysis: Electronic Payment Systems in Iraq

Below is a SWOT analysis of electronic payment systems in Iraq, highlighting the strengths, weaknesses, opportunities, and threats associated with their implementation.

Strengths


Enhanced compliance with anti-money laundering regulations

Faster and more accurate transactions

Increased financial security and transparency

Weaknesses


Potential for technical issues and system failures

Cybersecurity risks and data breaches

Resistance to change from traditional banking methods

Opportunities


Boosting economic growth and development

Encouraging financial inclusion and accessibility

Integration with global financial systems

Threats


Economic volatility and oil price fluctuations

Political instability and conflict

Regulatory changes and compliance challenges

Conclusion

The Central Bank of Iraq's recognition of electronic payment systems' role in enhancing AML compliance underscores the importance of these technologies in modernizing the country's financial sector. The new regulations for electronic payment services and the licensing of digital banks are expected to have a positive impact by safeguarding consumers and promoting financial system stability in Iraq.

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.