Iraqi experience passes an international cycle of banking risks
18/2/2018 12:00 am
In implementation of the agreement of the Union of Arab Banks and the Association of Private Banks
Baghdad / Hussein Thugb
The agreements concluded by Iraq in its public and private sectors have come to fruition and achieve the desired goals.
Our human competencies are participating in the best regional courses and achieving success in moving Iraq to a new stage that harmonizes and great openness to the outside world and the international desires to work inside Iraq.
37 Iraqi trainees have completed a training course On the subject of banking specialized in the field of combating money laundering and the financing of terrorism, in implementation of what was agreed on the joint work between the Association of Iraqi private banks and the Union of Arab Banks to conduct training courses for the banking sector Iraq breached and outside, to develop human capacity.
Deputy Executive Director of the Association of Iraqi Private Banks Ahmed Al Hashemi said:
"The course aims to provide the employees of the Arab banking sector with the necessary culture, knowledge and expertise in the basics, principles and practical aspects of combating money laundering and financing of terrorism in accordance with international requirements for the application of international laws and regulations, The US Treasury Department, the United Nations and other relevant institutions.
"With the increasing demand from the Iraqi banking sector, which has the culture of the basics and principles to combat money laundering and terrorist financing, Arab Banks in cooperation with the Beirut Arab University established «banker Diploma program specialist in the field of combating money laundering and terrorist financing, a program for the sixth batch of its kind to be studied in the framework of international standards."
"This program focuses on the practical aspect of the role of the reporting officer on money laundering and terrorist financing, as well as the necessary due diligence, sanctions monitoring and the study of the risks of combating money laundering in the emerging industry sectors such as mobile financial services and electronic payments.
The combination of theoretical and practical in this area, as well as studies analysis of the process.
"Secretary General of the Union of Arab banks and Samam Fattouh among" promising Iraqi banks and can adopt the best international standards, and the world to begin cooperation with the banking sector And on the basis of the agreement between the Union and the Arab University of Beirut on the establishment of the program «Mini Masters Diploma» specialized in the field of combating money laundering and financing terrorism, the first program of its kind taught in Arabic, organized this important session, "pointing to" the importance of facing the challenges that Banking in the Arab Region".
The head of the Association of Iraqi Banks, Wadih al-Hanalal, said in his speech that "passing this session, the first of its kind in Beirut, under the direct patronage of the Association of Iraqi Private Banks and the Union of Arab Banks, will certainly open new horizons in our fields of banking.
Will enable us to establish important positions in the banking and remittance sector in the future based on the skills we have acquired, and the theoretical and practical experiences we have acquired."
He said: "We celebrate the graduation of this distinguished session and we hope to continue cooperation between the Union of Arab Banks and the Association of Private Banks, in order to provide the banking sector with the latest arrival of the developed world."
The graduation ceremony of the session was attended by the President of the Union of Arab Banks Mohammed Al-Jarrah Al-Sabah, and the issuance of a book on financial analyst Sameer Nusairi, which bore the title of the Central Bank of Iraq in the face of the challenges of the financial crisis for the years 2015-2017, and handed copies of the Union of Arab Banks.
"In order to encourage bank staff to participate in this program, the certificate will be counted as accredited credit hours in accordance with the university regulations, as part of the diploma of money laundering launched by the Faculty of Business Administration at Beirut Arab University.,
A scientific committee established by the Union of Arab Banks. Its members have considerable experience in the field of combating money laundering and the financing of terrorism through continuous and sophisticated knowledge and the main functions they occupy in the banking sector Arabi".
He pointed out that "the target participants are the departments of combating financial crimes (money laundering and terrorist financing) in banks and financial institutions, compliance management staff, internal audit staff and risk management staff in banks."
The issue of money laundering and the financing of terrorism is one of the most important threats to the stability of the financial and economic system in the world.
It also threatens the security and sovereign stability of countries.
Therefore, the role of compliance managers and those responsible for reporting financial crimes in the Arab banking sector should be emphasized.
Funds and terrorist financing through an examination of unusual operations, suspected operations, and diligence in tracing their background and following up on their source.