2026-04-16

Shell Companies Identification Guide 2026

The Central Bank of Iraq issued this 2026 guide to establish a standardized identification framework for shell companies, mandating a risk-based approach and enhanced due diligence (EDD) across financial institutions. It requires compliance officers to apply the RACI accountability model, monitor specific red flags (such as rapid fund movement and complex ownership structures), and file timely Suspicious Transaction/Activity Reports (STR/SAR). The guide provides a comprehensive checklist and procedural steps to ensure consistent regulatory compliance, robust record-keeping, and effective mitigation of money laundering and terrorist financing risks.

Iraq

Central Bank of Iraq

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