The Governor of the Central Bank of Iraq, Ali Al-Alaq, considered, on Saturday, that the use of electronic payment systems and technologies used in the banking sector contributed to enhancing compliance in combating money laundering in the country.
These statements were made by Al-Alaq on the sidelines of his hosting of the Electronic Payment Conference towards Financial Stability in Iraq, which was held in the capital, Baghdad, and attended by a Shafaq News Agency correspondent.
The Governor of the Central Bank said that the world’s focus today is on implementing compliance rules in combating money laundering, and that the safety of banking operations is the safety of society, the economy, internal and external banking relations, and others.
He stressed that “there is a great focus on measuring the level of compliance in each process, so when we implement anything within the framework of electronic payment and its various tools and channels or otherwise, the question arises: what is the capacity of compliance and governance in these processes?”
Al-Alaq pointed out that “when talking about electronic matters, the application is easy and possible, and therefore the level of compliance is much better than the usual traditional operations, rather faster and more accurate, and provides a complete detail of all operations.”
He added, “Today, when using personal cards, we have a complete and direct analysis of all operations: where they take place? What type of operations are taking place? Do they comply with compliance standards, sources of funds, etc.? In the process of analyzing data, it is possible to give us important results and redirect matters in a way that does not represent any type of fraud or hacking.”
shafaq.com