Functions of compliance monitor

Tasks of the Compliance Monitor in the Central Bank of Iraq:

1. Verify and ensure that the Central Bank of Iraq in all its directorates and structures implement the standards and requirements of compliance, especially in the disclosure of sources of funds in the banking
   system and combating money laundering and financing of terrorism and banking conventions and international accounting through the development and re-engineering of mechanisms and procedures and
   issuing clear and accurate work instructions and provide consult and advice that correct the work of the Central Bank.

2. Develop and re-engineer procedures, mechanisms and propose issuing instructions and circulars issued to banking and non-bank financial institutions, especially in the principle of "Know Your Customer" to
   disclose and determine the source of funds in the banking system and to combat money laundering and terrorist financing to ascertain the legitimacy of funds deposited in the local banking system.

3.  Cooperation and coordination with the Risk Management Department in identifying internal and external risks, which may result from failure to follow the CBI's monetary policy and international compliance
     standards and requirements, especially in combating money laundering, terrorism financing, international accounting standards, TQM and Basel II and III agreements.

4. Develop and ensure the existence of effective mechanisms and procedures in communication and coordination with the relevant internal bodies, such as the Directorate of Banking Monitoring, the Foreign
    Currency sell and Purchase Window, the Issuance and vaults Directorate and the Control and Auditing Section, and the external entities including the US Federal Reserve, the US Treasury and the International
    Monetary Fund according to the agreements concluded with them.

5. Submit periodic reports on non-compliance processes in the Central Bank and the banking system to the board of directors (Basel III, II, FATF, International Accounting Standards, etc.) and inform them of
    recommendations and proposals that prevent non-compliance and specify penalties for banking and non-banking financial institutions.

6.  Provide consult and advice and propose plans to implement the vision and mission of the Central Bank to improve its work according to best practices and based on efficiency and excellence in the work
     performance.

7. Identify training programs on compliance standards, identify skills matrix and staff competencies, and disseminate compliance policy to all staff of the Central Bank and banking and non-bank financial institutions.