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Facilitating banking procedures
October 26, 2023
Regarding facilitating the procedures for opening accounts and marketing banking services,
given that the performance and profitability of banks are linked to those products and services and what is reflected in the
growth and development of the Iraqi banking sector,
expanding financial inclusion, and
increasing confidence in this sector,
so bank departments must work on the following..For more click here
https://cbi.iq/static/uploads/up/file-169830588338086.pdf
https://cbi.iq/news/view/2457
(~~~~~
partial and approximate translation of first and second pages of
https://cbi.iq/static/uploads/up/file-169830588338086.pdf
Page 1)
Republic of Iraq
CENTRAL BANK OF IRAQ
No :
Date : 10/24/2023
Addendum to our circulars numbered 9/2/275, 9/2/119 and 9/2/126 on 7/1/2019.
23 and 2/26/2023: regarding facilitating procedures for opening accounts and marketing banking services.
Given that banks’ performance and profitability are linked to these products and services; And this is reflected in growth
The Iraqi banking sector and its development. Expanding financial inclusion and increasing confidence in these sectors: So
Banking departments must work on the following:
1. Consider taking into account interest rates and rates for accounts (savings - deposits) that encourage attracting Funds to the Iraqi banking sector and in accordance with the monetary policy of this bank.
2. The need for the awareness, media and relations departments in your banks to conduct a media campaign through the websites official; As well as on social media sites, channels and all official newspapers;
For the purpose of attracting customers and advertising all the products and services provided by the bank.
As well as carrying out external financial transfer operations at the official exchange rate in your bank branches
All of your employees are prepared for this, which motivates customers to enter the banking sector and enjoy it
las
3 The need for you to work to raise all the products and services that your banks offer via (Our bank application).; In coordination with the Association of Iraqi Private Banks. And promote it via Newspapers and all social media.
4. Holding awareness workshops, seminars and conferences that motivate customers to enter the banking sector.
5. The necessity of working to expand the procedures related to the process of promoting the deposit insurance company (More) by using the official websites of your banks. Or hold meetings with a sample of Traders and investors, in order to reassure customers that there is insurance for your banks in the Deposit Insurance Company:
Hence, the deposits will be returned to them in the event that the bank fails in accordance with the instructions and controls issued in this regard.
(Page 2)
6 We attach a link to the account opening forms for individual accounts; And also (carpenter accounts) And (corporate accounts)” and (joint accounts)! To work according to it, which makes it easier for customers Of all types) opening accounts with ease and ease, provided that (the form organizer - an employee).
Liaison with the branches or the director of the reporting department or his assistant in the main branch - the branch manager) by assignment the form; The form data will be updated with notification to the Anti-Money Laundering and Finance Office Terrorism if there are suspicions” without alerting the client instead.
Working in accordance with the requirements of the directives provided will be a critical criterion in evaluating the banks’ performance
To serve the national economy, the banking sector and the public; With the central bank ready to provide Support and support to achieve this,
To comply with the above,, all
(document continues with opening account forms in Arabic) …
October 26, 2023
Regarding facilitating the procedures for opening accounts and marketing banking services,
given that the performance and profitability of banks are linked to those products and services and what is reflected in the
growth and development of the Iraqi banking sector,
expanding financial inclusion, and
increasing confidence in this sector,
so bank departments must work on the following..For more click here
https://cbi.iq/static/uploads/up/file-169830588338086.pdf
https://cbi.iq/news/view/2457
(~~~~~
partial and approximate translation of first and second pages of
https://cbi.iq/static/uploads/up/file-169830588338086.pdf
Page 1)
Republic of Iraq
CENTRAL BANK OF IRAQ
No :
Date : 10/24/2023
For all bypass drains
M/ Facilitating banking procedures
Addendum to our circulars numbered 9/2/275, 9/2/119 and 9/2/126 on 7/1/2019.
23 and 2/26/2023: regarding facilitating procedures for opening accounts and marketing banking services.
Given that banks’ performance and profitability are linked to these products and services; And this is reflected in growth
The Iraqi banking sector and its development. Expanding financial inclusion and increasing confidence in these sectors: So
Banking departments must work on the following:
1. Consider taking into account interest rates and rates for accounts (savings - deposits) that encourage attracting Funds to the Iraqi banking sector and in accordance with the monetary policy of this bank.
2. The need for the awareness, media and relations departments in your banks to conduct a media campaign through the websites official; As well as on social media sites, channels and all official newspapers;
For the purpose of attracting customers and advertising all the products and services provided by the bank.
As well as carrying out external financial transfer operations at the official exchange rate in your bank branches
All of your employees are prepared for this, which motivates customers to enter the banking sector and enjoy it
las
3 The need for you to work to raise all the products and services that your banks offer via (Our bank application).; In coordination with the Association of Iraqi Private Banks. And promote it via Newspapers and all social media.
4. Holding awareness workshops, seminars and conferences that motivate customers to enter the banking sector.
5. The necessity of working to expand the procedures related to the process of promoting the deposit insurance company (More) by using the official websites of your banks. Or hold meetings with a sample of Traders and investors, in order to reassure customers that there is insurance for your banks in the Deposit Insurance Company:
Hence, the deposits will be returned to them in the event that the bank fails in accordance with the instructions and controls issued in this regard.
(Page 2)
6 We attach a link to the account opening forms for individual accounts; And also (carpenter accounts) And (corporate accounts)” and (joint accounts)! To work according to it, which makes it easier for customers Of all types) opening accounts with ease and ease, provided that (the form organizer - an employee).
Liaison with the branches or the director of the reporting department or his assistant in the main branch - the branch manager) by assignment the form; The form data will be updated with notification to the Anti-Money Laundering and Finance Office Terrorism if there are suspicions” without alerting the client instead.
Working in accordance with the requirements of the directives provided will be a critical criterion in evaluating the banks’ performance
To serve the national economy, the banking sector and the public; With the central bank ready to provide Support and support to achieve this,
To comply with the above,, all
(document continues with opening account forms in Arabic) …
