Regulatory Alerts2024-11-14
Regulatory Bylaw No. 32: Due Care Controls Regarding Customers for Securities
The Iraqi Securities Regulatory Authority issued Regulatory Bylaw No. 32 in 2022 to establish mandatory due care controls for financial institutions regarding customers and beneficial owners. The regulation mandates strict identity verification, continuous transaction monitoring, and enhanced due diligence for high-risk clients, including those in senior political positions or from high-risk jurisdictions. It further requires the appointment of independent reporting officers, the implementation of robust internal anti-money laundering systems, and the retention of records for at least five years to ensure compliance with national and international counter-terrorism financing standards.
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