Commercial Bank of Iraq PSC complies and is regulated by the Central Bank of Iraq and listed on the Iraq Stock Exchange.
The Republic of Iraq defines money laundering and terrorist financing as criminal offences. The supporting Financial Crime Regulations implemented by CBIQ is based on the Iraqi Law against money laundering and terrorist financing and the principles of the Financial Action Task Force (FATF). It also adopts the regulations of international entities such as: Wolfsburg's Standards, Egmont Group, United Nations Global Programme Against Money Laundering and other relevant organisations.
In keeping with this regulation, CBIQ maintains appropriate client screening, monitoring and related due diligence procedures that are designed to prevent CBIQ from doing business with entities which engage in money laundering practices or illegal activity.
In relation to incorporated entities, these processes extend to the individuals that control such corporations. Officers and relevant staff of CBIQ are made aware of policies, procedures and processes and are mandated to adhere to them.
CBIQ policy requires that all relevant staff of CBIQ who deal with clients and/or are managerially responsible for handling client relationships, must undergo annual training on Anti-Money Laundering and Know Your client (KYC) regulation and procedures.