Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >> Banking and Investments


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 : GoDubai Editorial Team
Viewed 2845 times
Posted on : Tuesday, March 10, 2020  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : Dp World, UAE Region Announces Up to 70% Reduction in Business Set-up Costs for Jafza-Based Companie...
Next Story : Deem Finance Brings New Dimension to Real-Time Credit Quality Using Ai-Enabled Scorecards
Email this article Print this article

Share this article with your friends and followers


Back to Top  
Most Viewed Press Release posted in the last 7 days
HONOR MagicBook Series is Perfect for Fashion Forward, Design Conscious Individu...
Vatika Launches Natural Hair Food, an Effective Solution for Dry Hair
Omega Announces Its Role as the Official Timekeeper of the 36th America's Cup
Foreo Reveals 5 Ways to De-Stress Your Skin
DTTAG New Executive Committee to Manage Post Covid 19 Return to Normalcy of Travel
The Best Omega Sunglasses For a Long-Awaited Summer
Emirates Post Unveils Modern New Website and Look
Innovating to Fight COVID-19: Four Ways Drones are Contributing
FEM Collaborates with Arab Comedian Maya Acra to Address the Taboo Around the To...
Ethical JLT Salon THT is Supporting those whose Jobs have been affected during ...
Blue Ocean for Islamic Finance Industry
Karl Lagereld Drives Digital Innovation With Launch of the “Maison Karl Lagerfe...
Commodity Weekly: Crude Oil Frets Geopolitics, Sluggish Demand Bounce
Ericsson's USA 5G Factory: Staffed by Professionals – Trained by VR
Sony Middle East & Africa Introduces New Digital Camera ZV-1, designed for Vlogg...
Airline Debt to Balloon by 28%
Al Tayer Motors and Premier Motors Honour UAE's COVID-19 Frontline Heroes
Sony Middle East and Africa and Gearbox team up to offer rental services of late...
80th Anniversary of Maserati's Targa Florio Victory Maserati Tests an Mc20 Proto...
Urgent Implementation of ICAO COVID-19 Guidelines Needed
ATM Virtual to Focus on Potential Chinese Outbound Travel Market
Tips for Keeping Your Smartphone Clean
Twentieth “World Milk Day” Sees NFPC Innovate With New Products That Meet Changi...
Lincoln Aviator Presidential Takes on Bumps and Dips, Turning Every Trip into a ...
WTTC Launches Safe Travels Protocols for Aviation, Airports, MICE and Tour Operators
Danube Group Chairman Files Case With Dubai Police Against Scam Star for Faking ...
Telenor, Sony and Ericsson Team to Develop Smart IoT Healthcare Devices
Parmigiani Fleurier Toric Fleur
Kingston Technology Ships 7.68TB Capacity for Industry-Leading High-Performance ...
Al-Futtaim Technologies Implements Genesys Remote Working Solutions to Ensure Bu...
GEMS Innovation Awards 2020 Recognise Young Innovators after Virtual Showdown
Former UNWTO Secretary-General to speak at ATM Virtual
Al Majid Motors Announces the Arrival of All-New Kia K5 Fastback Sedan in the UAE
Glaucoma: Symptoms and Treatment
Ras Al Khaimah Government Launches Integrated Stimulus Package to Support the Em...
SEHA Develops Cutting Edge Self-sterilization System for Ambulances
SCCI, SIB Hold Virtual Meeting to Discuss Banking Sector Trends to Face the Curr...
The Legend Continues: Xiaomi Unveils Redmi Note 9 Pro and Redmi Note 9
DGW holds meeting to review updated strategic plan aimed at supporting national ...
Dubai Culture Welcomes More Than 2,300 Students in Virtual Guided Tours at Etiha...
How Do You Rely on Your Smartphone in the UAE During the New Normal?
Understanding COVID-19's Impact on the Transport Industry
Debut Arabian Travel Market Virtual Event gets Underway Tomorrow
LG Joins Hedera Governing Council to Accelerate Innovation and Adoption of Publi...
Maserati Commemorates the American Victories of the 8CTF at the Indianapolis 500
Al Ruwad Real Estate Appoints Alaa Masoud as General Manager of Sales and Marketing
ADEK's Rize University Preparation and Career Guidance Program Goes Virtual
Salvatore Ferragamo Launches New Eyewear Styles Inspired by the Iconic Vara Bow
Renault of Arabian Automobiles presents exceptional offer on DOKKER
The Ultimate At-Home Facial