Banking Policy Development
In the context of the ever-evolving and dynamic financial environment, banking policy development is a critical service for financial institutions seeking innovation and excellence in service delivery. This service aims to improve and strengthen the regulatory and legislative framework governing bank operations, with a particular focus on compliance with the Central Bank of Iraq (CBI) laws and the Financial Action Task Force (FATF) principles.
Importance of Policy Development:
The importance of banking policy development stems from the need for financial institutions to ensure the continued provision of their services in a legal and secure manner. This process involves reviewing and updating policies and procedures to ensure their alignment with local and international regulations, which enhances integrity and trust in the banking sector.
Compliance with CBI Laws:
Effective banking policies require full compliance with the directives and regulations of the CBI. This compliance includes updating anti-money laundering and terrorist financing (AML/CFT) policies, strengthening oversight of banking operations, developing customer identification procedures, and improving bank risk management.
Compliance with FATF Principles:
FATF is an international organization dedicated to developing strategies to combat money laundering and terrorist financing. Banks are required to adhere to the standards and guidelines provided by FATF. This includes improving assessment and identification systems, and promoting international cooperation in combating financial crime.
Benefits of Banking Policy Development: