Regulatory Alerts2024-01-14
Guidance Document on Combating Fraud and Corruption for Banks Operating in Iraq 2024
The Central Bank of Iraq issued this 2024 guidance document to establish a comprehensive regulatory framework for combating fraud and corruption across all licensed banking institutions. It mandates the implementation of robust risk assessment, internal control, and compliance functions, while requiring periodic reporting, whistleblower mechanisms, and continuous staff training. The guidance further defines supervisory oversight procedures, enforcement sanctions for non-compliance, and standardized reporting templates to ensure financial integrity and operational transparency.
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