Central Bank: Iraqi banking sector has made great progress

The governor of the Central Bank, Ali Alaak, said Saturday that the Iraqi banking sector has made significant progress in its activity during the current period, while the President of the Association of private banks, Wadih al-Hanal, announced that private banks are working hard to apply the law to combat money laundering to protect the country from the risks.
Al-Alak said in a workshop to combat money laundering held at the Babylon Hotel in Baghdad that the banking sector is currently being developed to develop its employees working on important banking issues such as combating money laundering and risk management, adding that the exercises that are taking place now have developed very significantly and aim to expand the circle of culture and knowledge in Employee Banking.
He pointed out that the banking sector in Iraq is significantly in its activity and has become focused locally and internationally, pointing out that the Central Bank is working to build a sound information base through the use of information technology means.
Head of the Association of Private Banks, Wadih al-Hanalal, said in his speech to the conference that the Association of Private Banks is working hard to apply the law to combat money laundering to protect the country from the risks it is experiencing, adding that the Association of Private Banks has trained about 600 bank employees in the first quarter of the year Current on various banking issues.
He pointed out that the Association of Private Banks is currently developing the relationship with foreign banks in addition to the use of the best technology and the implementation of international standards.
He stressed the need to issue financial statements by financial institutions with the application of international standards and under the supervision of the Central Bank.

https://en.economiciraq.com/2017/04/15/central-bank-iraqi-banking-sector-has-made-great-progress/