Regulatory Alerts2024-07-11
Guidelines for Self-Assessment of Money Laundering and Terrorist Financing Risks 2024
The Central Bank of Iraq mandates all supervised entities to conduct structured, Risk-Based Approach (RBA) aligned self-assessments of money laundering and terrorist financing risks, covering inherent risk identification, control evaluation, and residual risk determination. Entities must implement robust Know Your Customer (KYC) procedures, maintain continuous monitoring and internal audits, and submit documented annual reports to the CBI in accordance with prescribed formats. This guideline aligns with FATF recommendations, the National Risk Assessment (NRA), UN Security Council resolutions, EU regulations, and OFAC sanctions, with non-compliance subject to supervisory actions and disciplinary penalties from the date of issuance.
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