PHOTO
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.”
* Figures based on Refinitiv’s MENA Financial Crime Report 2019
About Refinitiv
Refinitiv is one of the world’s largest providers of financial markets data and infrastructure, serving over 40,000 institutions in over 190 countries. It provides leading data and insights, trading platforms, and open data and technology platforms that connect a thriving global financial markets community - driving performance in trading, investment, wealth management, regulatory compliance, market data management, enterprise risk and fighting financial crime.
About Iraqna (IBTS)
Iraqna (IBTS) is a leading consultancy and training services company in Iraq. IBTS has an experience of 10 years in compliance and governance consultancy. IBTS is exclusive and super-agent in Iraq for big US high reputable organizations such as ACAMS, ACFCS, Kryterion for Global Testing Solutions, “Laserfiche” content management solution, TRABBIT Financial Crimes Solution, OPES for FATCA- IRS reporting software, Also, IBTS is a banks rating advisor for 13 Iraqi banks via FITCH Ratings methodology. IBTS is PMO for 8 leading banks in Iraq . IBTS is the only certified testing center for Global and American professional certificates such as CAMS, CFCS, Oracle, Sisco,…etc. by Krayterion, PCI and Person VUE.
CONTACTS
Tarek Fleihan
Corporate Communications
Middle East, Africa, Central & Eastern Europe
Refinitiv
Office +97144536527
Mobile +971562162575
tarek.fleihan@refinitiv.com
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
