The main functions of the Banking Supervision Department

1. Registering and licensing banks and approving leadership positions.
2. Desk auditing of the quarterly budgets and final accounts of banks.
3. Periodic and exceptional field inspection of banks.
4. Supervision and oversight of the banking sector to ensure that banks comply with the laws, instructions and controls issued by this bank.
5. Field auditing of anti-money laundering (AML) systems in the banking sector and ensuring their effectiveness.
6. Managing the credit information system (CBS) and following up the banks' commitment to the process of updating the data on an ongoing basis.
7. Receiving and auditing public complaints and taking the necessary measures in this regard, and evaluating the quality of banking services.
8. Preparing financial reports on the performance of commercial and Islamic banks and working on monitoring their risk system, as well as reviewing balances and data related to retaining the mandatory reserve ratio imposed on banks.
9. Auditing the electronic systems of banks and following up the procedures for their development.
10. Issuing controls and directives for the banking sector in line with international standards and best banking practices.
11. Applying the principle of electronic control to one of the most prominent banking activities by managing the letters of guarantee platform for auditing and uploading the letters of guarantee issued by banks on the electronic platform within the electronic control development project.
12. Enhancing corporate governance systems in the Iraqi banking sector, by monitoring banks' compliance with environmental, social and governance (ESG) standards.