KYC.IO

Global Regulations and Requirements for KYC Onboarding
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KYC to onboard domestic persons

permanent addresstelephone numbernationalityidentification number

KYC to onboard international persons

namepermanent addresstelephone numbernationalityidentification numberidentity documents

corporate requirements

Legal name permanent addressTelephone number Charter of establishing documentscurrent&permanent addressnationality identificationidentification number

National ID card name

Iraq National Card (National Card) البطاقة الوطنية

National ID Photo

Does the country have Esignature Laws?

IRAQ: e IRAQ: e-Government issues Government issues

E-sig law files

What year did the relevant AML laws and regulations become effective?

2004

Further details on AML regime

Iraqi AML law became effective in 2004.

Who is the regulator for AML controls for Banking

Central Bank of Iraq

Link to site

http://www.cbi.iq

Other financial Services

N/A

Website of Regulator

N/A

Financial Sector regulator

N/A

Practical Guidance for AML

N/A

Is there a requirement to verify the identity of customers retroactively?

N/A

Retroactive details

N/A

Has the country been the subject of FATF mutal evaluation in the last 3 years?

Information on whether the country has been subject to any FATF (Financial Action Task Force) assessment is not publicly available.

Are there minimum transaction thresholds (Y/N)

Yes

More details on minimum transaction thresholds.

Financial Institution shall question account holders for cash transaction greater than IQD10m. In addition, transactions below IQD5m for non account holders require the collection and verification of customer name and address.000000o9900000

What are the requirements for customer identification information for individuals

a) Legal name and any other names used b) Detailed permanent address c) Telephone number d) Charter of establishing documents e) Nationality identification f) Official identification number

Details to be Collected on Corporates

a) Legal name and any other names used b) Detailed permanent address c) Telephone number d) Charter of establishing documents e) Nationality identification f) Official identification number

What are the high level requirements around beneficial ownership (identification and verification)?

In addition to the mentioned requirements, customers are required to provide a written declaration of the owner of the funds.

What circumstances are enhanced customer due diligence measures required?

The Law is silent in this regard.

How should FI's deal with Politically exposed persons

The Law is silent in this regard.

What enhanced due diligence must be performed for correspondent banking relationships?

Cross border transactions above IQD15m require the submission of a report to the Money Laundering Reporting Office and/or Iraq Customs Services. The report shall contain: a) The legal capacity of the person filing the report; b) The origin, destination and route of the currency; c) The amount and type of monetary instruments; and d) Any other additional information.

Are relationships with banks who might be considered a 'shell' and without substance permitted?

The Law is silent in this regard

In what circumstances is additional due diligence required for non face-to-face transactions and/or relationships?

The Law is silent in this regard.

To whom are SAR's made? (suspicious activity reports)

Money Laundering Reporting Office at CBI

Link to website of SAR reporting

www.cbi.iq

Other Suspicious or unusual transactions obligations.

Yes, Banks are encouraged to report suspicious transactions to the MLRO at CB

Are there any de-minimis thresholds below which transactions do not need to be reported?

Are there any penalties for non compliance with reporting requirements e.g. tipping off?

The CBI may impose the following if a financial institution violated the law: a) Issue an order to cease the activity resulting in the violation; b) Assess a monetary penalty; c) Publish the results of any enforcement action; or d) Issue an order to prohibit t the violating party from being involved in the affairs of financial institution either permanently or temporary.

Are there any requirements (legal or regulatory) to use automated Suspicious Transaction monitoring technology?

Is there a requirement to obtain authority to proceed with a current/ongoing transaction that is identified as suspicious?

The Law is silent in this regard.

Does the local legislation allow transactions to be monitored outside the jurisdiction?

The Law is silent in this regard.

Is there a legal requirement for a bank’s external auditor/other external organisation to report on the bank’s AML systems and controls?

N/A

If an external report on the bank’s AML systems and controls is required: a) how frequently must the report be provided?

N/A

To whom should the report on AML systems be submitted?

N/A

Is an AML system part of the financial statement audit?

N/A

What are the requirements for the content of this external report on a bank’s AML systems and controls? Does it require: a) sample testing of KYC files? b) sample testing of SAR reports? c) examination of risk assessments?

N/A

Data Protection Laws And Personal Data

N/A

Data Protection for Corporate Data

N/A

Data protection for "sensitive Data" and additional protections.

N/A

Do any restrictions on the transfer of credit reports exist?

N/A

Regulator Acronym

CBI

Year of last FATF mutual evaluation

N/A

Field 67

the law is silent

National ID card details

Compulsory for all Iraqi citizens starting in 2016

Compulsory?

National ID source

http://dinartrade.org/iraq-announces-the-start-of-the-second-phase-of-the-issuance-of-national-id-card/

Passport Photo

Is there a risk based approach

Legal Requirement

Requirement to proceed

requirement to use automated suspicious transaction tools

Who are SARS made to?

MLRO

shell banks

EDD for correspondent banking

Yes

Minimum transactions

IQD 10m.

Min transaction USD

0.00857633

If the AML laws and/or regulations became effective in the last 2 years, what were the requirements of the previous AML regime?

N/A

Non financial sector (e.g. casinos, high value goods etc.)

N/A

Does the country have a risk based approach?

The Law is silent in this regard; however, thresholds are determined for transactions that must be in compliance.

Where copies of identification documentation are provided, what are the requirements around independent verification or authentication?

The law did not specify anything other than the mentioned requirements above.

Is there case law, other constitutional law or any other laws or regulations that may impact upon the transfer of information to this jurisdiction?

N/A

List of case law, constitutional law or any other laws or regulations that may impact upon the transfer of information.

N/A