Regulatory Alerts2023-09-10
Added · Updated
AML/CFT Council Instructions on Due Diligence Rules No. 1 of 2023 for Financial Institutions and Specified Non-Financial Businesses and Professions
The Anti-Money Laundering and Counter-Terrorist Financing Council's Instructions No. 1 of 2023 establish due diligence rules for financial institutions and specified non-financial businesses and professions in Iraq. The document mandates customer identification and verification procedures for natural persons, legal entities, and legal arrangements, including specific requirements for beneficial ownership determination with a 20% ownership threshold for control. It prohibits dealing with anonymous, fictitious, or shell bank accounts and requires ongoing monitoring of business relationships and transactions, particularly for high-risk clients and occasional transactions exceeding specified limits.