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► Organizational regulations for financial consumer protection
October 24, 2022
»The Regulatory Regulations for the Protection of the Financial Consumer 2022 .. To see, click here
https://cbi.iq/static/uploads/up/file-166660253685024.pdf
Approximate Translation –
Page 1 of 9 Front Cover
Page 2 of 9
first definitions
1. Bank: The Central Bank of Iraq.
2. Financial Institutions: Banking and non-banking financial institutions and financial mediation companies selling
And the purchase of foreign exchange, electronic payment companies and other financial companies officially approved by the bank
Iraqi Central.
3. Financial Consumer (Consumer): Any customer who receives financial products from financial institutions.
4. Financial Consumer Protection: It is intended to preserve the rights of consumers of financial services in the presence of a legal framework
Preserving the rights of financial consumers in terms of justice and transparency, and their right to complain, as well as raising
Financial consumers awareness and encouragement to improve the knowledge and skill needed to manage their money to empower them
of making their financial decisions thoughtfully.
5. Financial products: All services provided by financial institutions within the limits permitted by laws
The instructions governing financial institutions.
Second / Objectives: This law aims to:
1. Transparency: full knowledge of the details of the products available to the financial institutions.
2 Fair treatment: treating consumers in an equitable manner in providing financial products of appropriate quality
According to the forces of the window, taking into account the fragile art.
3. Ensuring rights: Providing integrated protection for the financial consumer in accordance with the service agreements concluded between the two parties.
Page 3 of 9
First: disclosure and transparency
Financial institutions are required to provide consumers with aks aN ile geal OS financial products built in a form
Clear, concise, concise, easy to understand, accessible and unobtrusive. Sali about making sure the consumer is informed
Financial directly or through electronic applications based on the special terms and benefits of these
1. Dissemination of information on financial products provided by financial institutions, including fees and interest rates
The fees and charges for each Money product are available on the financial institution’s official website »
Ensuring that the consumer is aware of the terms and benefits of the deferred financial products and clarifying all obligations consequences for the consumer as a result of consuming the financial product; And included (interests debited or credited to banks commercial; revenues and costs for Islamic banks).
2. Determining the mechanism for ending the relationship between the two parties and the consequences thereof, and fixing it in the contract concluded between the financial institutions
And the consumer.
Second: fair and equitable treatment
Financial institutions must deal fairly, honestly and fairly with consumers at all stages of their relationship
So that they must give the necessary care to the vulnerable groups in society (the elderly, low-income and people with disabilities).
determination).
Page 4 of 9
Third: Pricing Policy
1) Financial institutions are obligated to issue tables that include interest/return rates, debit, credit and all
Fees, commissions, and other costs, and informing the consumer of the method of their calculation, and it is closely related to the consumer Clear before presenting the financial product and concluding the contract.
2) The financial institution may not impose any fees on the consumer that were not previously disclosed or were not
Included in the terms of the contract if the service is a cash or pledge credit.
3) Changes made in the clauses of new contracts from financial institutions shall not apply to previous contracts unless
With the consent of the German consumer after being informed of the changes taking place.
Fourth: supervision and control
1. Financial institutions are obligated to provide the Central Bank of Iraq with a copy of the notary of contracts for the approved financial products
of all of them.
2. The Central Bank of Iraq has the right to amend the contracts between the financial institutions and the consumer in order to
the interest of financial institutions and consumers alike; These contracts are binding on the financial institution.
3. Financial institutions shall ensure the compliance of their brokers/agents and third parties to whom terminating tasks are assigned
the requirements of the relationship between that institution and the German consumer; It works in the public interest
It is your responsibility to protect them.
Fifth: Financial education and awareness for clients:
Financial institutions should develop appropriate programs and mechanisms to develop customers' knowledge and skills and raise the level of
awareness, enabling them to understand the main risks and helping them make informed and effective financial decisions
detrimental to their interests; through:
1. Holding development and advisory courses for clients in financial institutions.
2. Preparing publications that include a simplified explanation of the services provided by the financial institution to facilitate the understanding of the mechanism
Customers are the financial products offered by that institution.
3. Make advertisements through the media (audio and visual) that include an explanation of how to use financial products
provided by financial institutions.
Page 5 of 9
Sixth: Work behaviors and ethics, and the protection of consumer data leakage
The financial institution maintains the interests of the consumer and the confidentiality of his data; By setting up control systems
Minutes that include the protection of consumer financial deposits, savings and other financial assets and banking transactions, including
Ensures that his data is not compromised and that they are prevented from being subjected to fraud, embezzlement and misuse, and according to his approval
The laws, regulations, and instructions in force regarding the protection of confidentiality of information.
Seventh: Addressing complaints
The financial institutions shall adopt an appropriate mechanism through which the consumer can submit his complaint and guarantee
Treat it so that the intention is just, clear and effective, through:
1. The financial consumer submits his complaint to the financial institution in the complaints department within the same institution when
Exposing him to any obstacles or problems when he uses the alcoholic products that they offer and when they do not treat them
He can resort to the Central Bank of Iraq to submit his complaint in accordance with the regulations and instructions prepared for this purpose
Necessary action is taken.
2. Complaints are submitted directly to the relevant financial institution or via a dedicated electronic link through
Approval of the complaints form prepared by the Central Bank of Iraq and addressed to authorized financial institutions
all.
3. Requiring financial institutions to provide the Central Bank of Iraq with a quarterly report that includes complaints received and a mechanism
Processed according to the model issued by the Central Bank of Iraq and directed to financial institutions
All banking and non-banking.
Eighth: Conflict of interest
The financial institution has a written and public policy regarding conflicts of interest: as well as ensuring that the policies are in place
That would expose potential conflict of interest operations. the application of those policies; to be done
Disclose any cases that may involve a conflict of interest between the financial institution and any third party.
Page 6 of 9
First: personal information and data
1.. The consumer is obligated to provide complete and accurate information and to disclose all his financial obligations when dealing with
The institution to obtain any financial product: provided that it does not hide any requested information.
2. The consumer constantly updates his personal data, including supporting documents and means of communication
(phones and email) and is responsible for the accuracy and integrity of this data.
3. Second: Awareness of Risks
1. The customer, when he wishes to obtain any financial product from the financial institution, must understand the risk at
His use of this product: To suit his needs and his financial situation.
2. If the consumer discovers unknown, ambiguous and unknown operations on his account, the consumer shall be bound; Notify the institution Finance immediately to take the necessary action.
3. The consumer must not, under any circumstances, provide details or information about his or her bank account or
Any personal data to any other party that may expose it to risks of fraud.
4. The consumer must be careful when authorizing any party to carry out his financial transactions; And to verify eligibility
The person (natural or legal) who has been granted the authority to act on his behalf in his financial affairs.
Page 7 of 9
Third: Contracting
1. The consumer / customer is careful when reading the documents, information and contracts submitted by the financial institutions Any financial products to include full details of the obligations incurred by him in return for obtaining the The financial service and ensure that he fully understands it and is able to abide by it before signing any of it and that he does not By signing blank and incomplete forms.
2. The consumer reviews all the information and data recorded in the contract form for the products The financial statements assessed by financial institutions and to check that there are no errors in them’ (account number, amounts, or beneficiary’s data) as his submission means approval of the content of the form.
3. The financial institution is obligated to provide and keep a copy of the contract and documents signed between the two parties to the consumer in a safe place.
4. The consumer can seek advice from the financial institution he deals with if he encounters difficulties in obtaining access On any product and inquire of it about any unclear details about those products that he wishes to Obtained.
Prohibitions
1. Exercise, misleading, fraud, and hide all the reality of financial products.
2. Production of a financial product that violates the financial system »or its offer or announce it.
3. Hide the water services provided to the financial consumer: change, remove, or distort them.
4. Make any change in the terms of the benefits or contracts signed with consumers of financial services, in line with and politics
The financial institution is only with the approval of the second party (financial consumer).
Page 8 of 9
First: The financial institution is exposed to legal penalties in the event that a complaint is received from the financial consumer.
Their commitment to the above materials.
Second: The violator is punished for what was mentioned above, and in the event that it results in an infringement of damage to the financial consumer with a fine
Financial is twice the damage of the reality on the financial consumer.
Possible reasons and scope of application
sly Gli iba del Si on the eight consumer rights endorsed by the United Nations General Assembly by its resolution
No. 384/39 of April 9, 1985, which included: the right to safety, the right to knowledge, and the right to choose. the right to be heard; The right to satisfy basic needs, the right to compensation, and the right to educate:
Living in a Healthy Environment: As well as the Seven Consumer Issues in ISO 26000 which included: fair marketing, information and contractual practices; protection of consumer health and safety; and sustainable consumption: consumer service and support: conflict resolution: consumer data protection and privacy and access to basic services, education and awareness.
£54 This law is in order to protect the water consumer and establish the principle of justice and equality among water producers
and financial consumers, and to preserve their rights in terms of justice and transparency, and their right to grievance.
Second - This regulation applies to all those covered by the services of financial institutions.” This regulation is effective
From the date of its circulation to banks and non-bank financial institutions.
Page 9 of 9 Back Cover
► Organizational regulations for financial consumer protection
October 24, 2022
»The Regulatory Regulations for the Protection of the Financial Consumer 2022 .. To see, click here
https://cbi.iq/static/uploads/up/file-166660253685024.pdf
Approximate Translation –
Page 1 of 9 Front Cover
Organizational latt
To protect the financial consumer
2022
Page 2 of 9
The first Door
first definitions
1. Bank: The Central Bank of Iraq.
2. Financial Institutions: Banking and non-banking financial institutions and financial mediation companies selling
And the purchase of foreign exchange, electronic payment companies and other financial companies officially approved by the bank
Iraqi Central.
3. Financial Consumer (Consumer): Any customer who receives financial products from financial institutions.
4. Financial Consumer Protection: It is intended to preserve the rights of consumers of financial services in the presence of a legal framework
Preserving the rights of financial consumers in terms of justice and transparency, and their right to complain, as well as raising
Financial consumers awareness and encouragement to improve the knowledge and skill needed to manage their money to empower them
of making their financial decisions thoughtfully.
5. Financial products: All services provided by financial institutions within the limits permitted by laws
The instructions governing financial institutions.
Second / Objectives: This law aims to:
1. Transparency: full knowledge of the details of the products available to the financial institutions.
2 Fair treatment: treating consumers in an equitable manner in providing financial products of appropriate quality
According to the forces of the window, taking into account the fragile art.
3. Ensuring rights: Providing integrated protection for the financial consumer in accordance with the service agreements concluded between the two parties.
Page 3 of 9
Chapter Two
Financial Consumer Rights
First: disclosure and transparency
Financial institutions are required to provide consumers with aks aN ile geal OS financial products built in a form
Clear, concise, concise, easy to understand, accessible and unobtrusive. Sali about making sure the consumer is informed
Financial directly or through electronic applications based on the special terms and benefits of these
1. Dissemination of information on financial products provided by financial institutions, including fees and interest rates
The fees and charges for each Money product are available on the financial institution’s official website »
Ensuring that the consumer is aware of the terms and benefits of the deferred financial products and clarifying all obligations consequences for the consumer as a result of consuming the financial product; And included (interests debited or credited to banks commercial; revenues and costs for Islamic banks).
2. Determining the mechanism for ending the relationship between the two parties and the consequences thereof, and fixing it in the contract concluded between the financial institutions
And the consumer.
Second: fair and equitable treatment
Financial institutions must deal fairly, honestly and fairly with consumers at all stages of their relationship
So that they must give the necessary care to the vulnerable groups in society (the elderly, low-income and people with disabilities).
determination).
Page 4 of 9
Third: Pricing Policy
1) Financial institutions are obligated to issue tables that include interest/return rates, debit, credit and all
Fees, commissions, and other costs, and informing the consumer of the method of their calculation, and it is closely related to the consumer Clear before presenting the financial product and concluding the contract.
2) The financial institution may not impose any fees on the consumer that were not previously disclosed or were not
Included in the terms of the contract if the service is a cash or pledge credit.
3) Changes made in the clauses of new contracts from financial institutions shall not apply to previous contracts unless
With the consent of the German consumer after being informed of the changes taking place.
Fourth: supervision and control
1. Financial institutions are obligated to provide the Central Bank of Iraq with a copy of the notary of contracts for the approved financial products
of all of them.
2. The Central Bank of Iraq has the right to amend the contracts between the financial institutions and the consumer in order to
the interest of financial institutions and consumers alike; These contracts are binding on the financial institution.
3. Financial institutions shall ensure the compliance of their brokers/agents and third parties to whom terminating tasks are assigned
the requirements of the relationship between that institution and the German consumer; It works in the public interest
It is your responsibility to protect them.
Fifth: Financial education and awareness for clients:
Financial institutions should develop appropriate programs and mechanisms to develop customers' knowledge and skills and raise the level of
awareness, enabling them to understand the main risks and helping them make informed and effective financial decisions
detrimental to their interests; through:
1. Holding development and advisory courses for clients in financial institutions.
2. Preparing publications that include a simplified explanation of the services provided by the financial institution to facilitate the understanding of the mechanism
Customers are the financial products offered by that institution.
3. Make advertisements through the media (audio and visual) that include an explanation of how to use financial products
provided by financial institutions.
Page 5 of 9
Sixth: Work behaviors and ethics, and the protection of consumer data leakage
The financial institution maintains the interests of the consumer and the confidentiality of his data; By setting up control systems
Minutes that include the protection of consumer financial deposits, savings and other financial assets and banking transactions, including
Ensures that his data is not compromised and that they are prevented from being subjected to fraud, embezzlement and misuse, and according to his approval
The laws, regulations, and instructions in force regarding the protection of confidentiality of information.
Seventh: Addressing complaints
The financial institutions shall adopt an appropriate mechanism through which the consumer can submit his complaint and guarantee
Treat it so that the intention is just, clear and effective, through:
1. The financial consumer submits his complaint to the financial institution in the complaints department within the same institution when
Exposing him to any obstacles or problems when he uses the alcoholic products that they offer and when they do not treat them
He can resort to the Central Bank of Iraq to submit his complaint in accordance with the regulations and instructions prepared for this purpose
Necessary action is taken.
2. Complaints are submitted directly to the relevant financial institution or via a dedicated electronic link through
Approval of the complaints form prepared by the Central Bank of Iraq and addressed to authorized financial institutions
all.
3. Requiring financial institutions to provide the Central Bank of Iraq with a quarterly report that includes complaints received and a mechanism
Processed according to the model issued by the Central Bank of Iraq and directed to financial institutions
All banking and non-banking.
Eighth: Conflict of interest
The financial institution has a written and public policy regarding conflicts of interest: as well as ensuring that the policies are in place
That would expose potential conflict of interest operations. the application of those policies; to be done
Disclose any cases that may involve a conflict of interest between the financial institution and any third party.
Page 6 of 9
Second Door
Duties of the financial consumer
First: personal information and data
1.. The consumer is obligated to provide complete and accurate information and to disclose all his financial obligations when dealing with
The institution to obtain any financial product: provided that it does not hide any requested information.
2. The consumer constantly updates his personal data, including supporting documents and means of communication
(phones and email) and is responsible for the accuracy and integrity of this data.
3. Second: Awareness of Risks
1. The customer, when he wishes to obtain any financial product from the financial institution, must understand the risk at
His use of this product: To suit his needs and his financial situation.
2. If the consumer discovers unknown, ambiguous and unknown operations on his account, the consumer shall be bound; Notify the institution Finance immediately to take the necessary action.
3. The consumer must not, under any circumstances, provide details or information about his or her bank account or
Any personal data to any other party that may expose it to risks of fraud.
4. The consumer must be careful when authorizing any party to carry out his financial transactions; And to verify eligibility
The person (natural or legal) who has been granted the authority to act on his behalf in his financial affairs.
Page 7 of 9
Third: Contracting
1. The consumer / customer is careful when reading the documents, information and contracts submitted by the financial institutions Any financial products to include full details of the obligations incurred by him in return for obtaining the The financial service and ensure that he fully understands it and is able to abide by it before signing any of it and that he does not By signing blank and incomplete forms.
2. The consumer reviews all the information and data recorded in the contract form for the products The financial statements assessed by financial institutions and to check that there are no errors in them’ (account number, amounts, or beneficiary’s data) as his submission means approval of the content of the form.
3. The financial institution is obligated to provide and keep a copy of the contract and documents signed between the two parties to the consumer in a safe place.
4. The consumer can seek advice from the financial institution he deals with if he encounters difficulties in obtaining access On any product and inquire of it about any unclear details about those products that he wishes to Obtained.
Chapter Four
Prohibitions for the financial institution
Prohibitions
1. Exercise, misleading, fraud, and hide all the reality of financial products.
2. Production of a financial product that violates the financial system »or its offer or announce it.
3. Hide the water services provided to the financial consumer: change, remove, or distort them.
4. Make any change in the terms of the benefits or contracts signed with consumers of financial services, in line with and politics
The financial institution is only with the approval of the second party (financial consumer).
Page 8 of 9
Chapter Fifth
Penalties
PenaltiesFirst: The financial institution is exposed to legal penalties in the event that a complaint is received from the financial consumer.
Their commitment to the above materials.
Second: The violator is punished for what was mentioned above, and in the event that it results in an infringement of damage to the financial consumer with a fine
Financial is twice the damage of the reality on the financial consumer.
Chapter Six
Possible reasons and scope of application
Possible reasons and scope of application
sly Gli iba del Si on the eight consumer rights endorsed by the United Nations General Assembly by its resolution
No. 384/39 of April 9, 1985, which included: the right to safety, the right to knowledge, and the right to choose. the right to be heard; The right to satisfy basic needs, the right to compensation, and the right to educate:
Living in a Healthy Environment: As well as the Seven Consumer Issues in ISO 26000 which included: fair marketing, information and contractual practices; protection of consumer health and safety; and sustainable consumption: consumer service and support: conflict resolution: consumer data protection and privacy and access to basic services, education and awareness.
£54 This law is in order to protect the water consumer and establish the principle of justice and equality among water producers
and financial consumers, and to preserve their rights in terms of justice and transparency, and their right to grievance.
Second - This regulation applies to all those covered by the services of financial institutions.” This regulation is effective
From the date of its circulation to banks and non-bank financial institutions.
Page 9 of 9 Back Cover
Financial Consumer
Protection Regulation
2022
