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Digital banks... fears of money laundering and currency smuggling to banks that do not have branches (witness)
Special Sumerian 2024-08-15 | 06:00
Source: Sumerian 1,697 views
Alsumaria News - Local
Fears have been raised recently that so-called digital banks are being used for the purposes of money laundering and currency smuggling, especially since
they are nothing more than electronic pages that do not have branches on the ground,
thus opening a new door to corruption that directly harms the country's economic reality.
Economic affairs specialist Ali Tamer said in an interview with Al-Sumaria that
merchants and manipulators are lurking to exploit this (digital) card, as
this card has adopted the secret numbers of its holders, but these numbers can be adopted by other people as they are a number and not a handprint, indicating that the bank’s oversight The Central Bank has established a mechanism for dealing with this card that can limit these manipulations and currency smuggling outside Iraq.
Also, the issue of conducting financial transactions through a phone application and digital cards, some believe that it may open a wider door to corruption, especially since this process is not subject to close monitoring, and this facilitates making deposits at home, withdrawals from abroad, and smuggling money.
In an interview with Al-Sumaria, an economic affairs specialist, Duraid Al-Anazi, said that
money could be smuggled under the pretext of importing goods, but these goods did not arrive and the money was smuggled.
On the other hand, economists confirm that the idea of establishing digital banks that provide their services through electronic channels without the presence of real branches on the ground raises suspicion and fear that it will contribute to confusing the economic situation through incomprehensible operations that could be exploited to harm the country’s economy.
To view the report, see the main image above
https://www.alsumaria.tv/news/alsumariaspecial/497144/المصارف-الرقمية-تخوفات-من-غسيل-اموال-وتهريب-عملة-لبنوك-ليس-لها-فروع-شا
Special Sumerian 2024-08-15 | 06:00
Source: Sumerian 1,697 views
Alsumaria News - Local
Fears have been raised recently that so-called digital banks are being used for the purposes of money laundering and currency smuggling, especially since
they are nothing more than electronic pages that do not have branches on the ground,
thus opening a new door to corruption that directly harms the country's economic reality.
Economic affairs specialist Ali Tamer said in an interview with Al-Sumaria that
merchants and manipulators are lurking to exploit this (digital) card, as
this card has adopted the secret numbers of its holders, but these numbers can be adopted by other people as they are a number and not a handprint, indicating that the bank’s oversight The Central Bank has established a mechanism for dealing with this card that can limit these manipulations and currency smuggling outside Iraq.
Also, the issue of conducting financial transactions through a phone application and digital cards, some believe that it may open a wider door to corruption, especially since this process is not subject to close monitoring, and this facilitates making deposits at home, withdrawals from abroad, and smuggling money.
In an interview with Al-Sumaria, an economic affairs specialist, Duraid Al-Anazi, said that
money could be smuggled under the pretext of importing goods, but these goods did not arrive and the money was smuggled.
On the other hand, economists confirm that the idea of establishing digital banks that provide their services through electronic channels without the presence of real branches on the ground raises suspicion and fear that it will contribute to confusing the economic situation through incomprehensible operations that could be exploited to harm the country’s economy.
To view the report, see the main image above
https://www.alsumaria.tv/news/alsumariaspecial/497144/المصارف-الرقمية-تخوفات-من-غسيل-اموال-وتهريب-عملة-لبنوك-ليس-لها-فروع-شا
