View Full Version : CBI sets standards to meet the purchase of foreign currency by banks

08-10-2016, 01:00 PM
CBI sets standards to meet the purchase of foreign currency by banks

announced the central bank, on Wednesday, about his situation standards to meet thepurchase of foreign currency by the banks, and among the institutions would beclassified into several categories, stressed that the failure to meet some of theparagraphs will be the denial of entry of selling currencies window. The bank said in astatement received Alsumaria News that "to facilitate the real beneficiaries for thedollar and prevent irregularities in banks and firms conversion approved to comply with the requirements of compliance and the law against money laundering and terrorism financing, the principles and criteria issues fulfill requests to buy dollars for the benefit of customers from remittances, cash or credit it will rely on the extent the commitment of these banks and the requirements of international standards and comply with thelaw against money laundering and terrorist financing controls and instructions issued. "
The bank added that " the commitment would depend on the outcome of the Iraqi Central Bank assessment of the performance of compliance officers and officials of theunits reporting of money laundering and terrorist financing , and units of risk management have operations , " noting that " the assessment will also depend on theextent to comply with the requirements to disclose the sources of funds of customers and verified and documented, as well to the extent of training programs and courses conducted by these banks and companies effectively. " the bank said that" theassessment will also include the extent of the obligation to disclose the real direct beneficiary of the transfers and letters of credit and the sources of their money, inaddition to countless dealing banks beneficiary messaging abroad seed from one of theinternational rating agencies as well as the commitment of these banks and companies conversion to send matches coupes open its assets accounts with foreign banks. " He noted the bank that" the assessment will also include the proportion of the use of thestyle of documentary credits to finance foreign trade instead of money orders, inaddition to the completion of the contract tasks with an international audit firms known for an evaluation of their financial positions and the quality of their assets operations, as well as the extent of the banks commitment to take prompt and effective measures to maintain public deposits and entitlements to be provided on demand and how well the commitment of sending lists of the names of beneficiaries of dollar - buying currency for the purposes of foreign trade financing to the Central Bank to secure sent to the Commission General Customs General Authority for taxes in a timely manner. "bank" and stressed institutions from banks and money transfer will be classified into several categories according to the evaluation results that may be obtained and Stalpi applications category that you get a reputation Supreme continuously and at rates higher than the foreign currency , and will be re - evaluating the levels of these institutions according to those standards every three months or when you get variables in performance with reference to the failure to satisfy paragraph results of the central bank 's assessment of the performance of compliance and reporting money laundering operations to the denial of access to the window actually officials. " founded CBI independent bank under a law issued on the sixth of March 2004, as an independent body, which is responsible for maintaining price stability and the implementation ofmonetary policy, including exchange rate policies are being daily sessions for buying and selling currencies.