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.”