Dubai PR Network, Online Press Release from Dubai and Middle East
Business, Banking and Investments(Banking & Investments)
Filter PR by
Refinitiv Partners with Iraqna IBTS to Enhance Regulatory Compliance Efficiency in Iraq

Refinitiv’s World-Check will help Iraqi financial institutions comply with the FATF recommendations and global sanctions legislation

IRAQ  – Refinitiv is partnering with Iraqna IBTS, an anti-financial crime training and technology consultancy in Iraq, to provide Iraqi financial institutions with risk screening and compliance services in order to strengthen their risk programs and combat financial crime.

As part of the agreement, Refinitiv’s World-Check will support the Know-Your-Customer (KYC) and Anti-Money Laundering (AML) procedures of Iraqi financial institutions, minimizing their exposure to financial crime risks and increasing the level of compliance in line with the Financial Action Task Force’s (FATF) recommendations and with global sanctions legislation.

The lack of accurate data and reliable sources pose significant challenges when it comes to identifying high risk individuals and organizations in Iraq. In addition, financial institutions in the country lack access to training services in financial crime areas such as maintaining sanction lists, screening highly exposed persons, and in achieving effective compliance. At the same time, Refinitiv reports that more than 40% of financial institutions have fallen victim to financial crime in the past five years*. In response, 70% of financial institutions expect to increase their investment in compliance over the next two years and 87% expect their technology to continue to develop. 

Abdul-Razzaq Muhammad Ali, General Manager of Iraqna IBTS, said: “Today, Iraqna IBTS marks a milestone as we partner with Refinitiv, an organisation known for helping to combat financial crime, supporting compliance efficiency, and for addressing regulatory risk for companies on a global stage.”

“At Iraqna IBTS we support institutions identify, report, and stop dealing with individuals and entities subject to international sanctions. Since the establishment of Iraqna IBTS, we have been determined to achieve one of the company's main goals which is to provide integrated training and consulting services in the field of combating financial crimes. With Refinitiv, we were able to launch an anti-financial crime awareness programme we are helping financial institutions uphold sound compliance and meet their regulatory obligations within the financial services sector in Iraq,” Abdul-Razzaq added.

Nadim Najjar, Managing Director, Middle East and Africa, Refinitiv, said: “Our partnership with Iraqna IBTS will benefit all financial institutions in Iraq at a time when local regulatory requirements are increasing and demand for risk and compliance solutions across the country is high. The partnership will also contribute to meeting the requirements and recommendations of the MENA-FATF working group and ultimately raising the visibility of Iraq’s reviews and ranking on an international scale. With IBTS’s on the ground presence, we believe we are in a much stronger position to support the compliance community in Iraq.”

Posted by : Dubai PR Network Editorial Team
Viewed 4209 times
PR Category : Banking & Investments
Posted on : Tuesday, March 10, 2020  4:32:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of
Previous Story : Dp World, UAE Region Announces Up to 70% Reduction in Busine...
Next Story : Deem Finance Brings New Dimension to Real-Time Credit Qualit...
Email this article Print this article

Share this article with your friends and followers
Back to Section Home

Related Stories

Most Viewed Press Release posted in the last 7 days
Eid Gifts From The Body Shop [7052-Views]
Kristina Fidelskaya A/W 2020 Collection “Dream” [5449-Views]
Happy Eid with Parmigiani Fleurier Toric Fleur [4883-Views]
Sony Middle East & Africa Launches New Compact 4K Handycam® Camcorder with Advanced Image ... [4059-Views]
UAE Banks Among Top Performing in GCC, KPMG Report Finds [4010-Views]
Etihad Guest Rewards Members While Staying Home [3440-Views]
Made in Italy, ICSA® Issues a Notification of Counterfeit Products Found in the Kingdom of... [3346-Views]
Denim Culture [3120-Views]
First Range Rover Made Under Social Distancing Measures Comes Off Jaguar Land Rover's Sol... [2813-Views]
Ralph Lauren: How to master the art of tie-dye. #RLatHome [2743-Views]
Introducing the Marks & Spencer Summer Edit [2731-Views]
IATA Outlines Layered Approach for Industry Re-Start [2624-Views]
Karl Lagereld Drives Digital Innovation With Launch of the “Maison Karl Lagerfeld” Game [2620-Views]
Union Coop Launched ‘Drive Thru' Shopping Service [2595-Views]
Emirates Sets Industry-leading Safety Standard for Customers Travelling as It Resumes Oper... [2571-Views]
MHPS Captures Global Gas Turbine Market Share Leadership Again [2542-Views]
OMEGA Adds Full Gold Models to The Speedmaster 38 mm Collection [2452-Views]
SRTI Park Discusses Reality, Future of Research and Development in Arab Region [2394-Views]
UAE Develops a Rapid Coronavirus Laser Testing Technology [2374-Views]
Dubai Customs and Omani Counterpart Discuss Post-Covid19 Era [2370-Views]
HONOR MagicBook Series is Perfect for Fashion Forward, Design Conscious Individuals Across... [2345-Views]
Jaguar Land Rover Special Vehicle Operations Reports Fiscal 2019/20 Retail Sales Growth [2329-Views]
Keeping Mobile Networks Running Top Priority During COVID-19 Pandemic [2218-Views]
The Heart of Europe Takes Shape as the Ultimate Sustainable Island Tourism Destination in ... [2218-Views]
VFS Global Joins Nation's Biggest Community Campaign; Donates to the 10 Million Meals Init... [2112-Views]
RSS Facebook Twitter LinkedDin
Top Sections
Top Stories