Regulatory Alerts2020-05-11
The Guideline on Suspicious Transaction Indicators for Money Laundering and Terrorist Financing via Electronic Payment Services 2020
The Central Bank of Iraq mandates that licensed electronic payment service providers monitor, record, and report fifteen specific suspicious transaction indicators across the Placement, Layering, and Integration stages of fund movement. The guideline requires institutions to align their monitoring frameworks with the Anti-Money Laundering and Counter-Terrorist Financing Law No. (39) of 2015, focusing on transaction patterns, customer profiles, and high-risk jurisdictions. Providers must utilize designated reporting channels and conduct periodic reviews to ensure continuous compliance with evolving electronic payment typologies.
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