Central Bank Issues New Set of Regulations to Combat Money Laundering and Enhance Financial Oversight

mniraq - The Central Bank issued modern directives targeting non-banking financial institutions, including strict regulations to verify the identities of clients and real beneficiaries in order to combat money laundering and terrorism financing. The instructions emphasized the need for continuous updating of databases to identify politically exposed persons (PEPs) and intensifying enhanced due diligence procedures for companies associated with them. The bank also stressed the importance of immediate reporting of any suspicious financial activity without notifying the client, in accordance with international standards and best regulatory practices.