WELCOME TO BONDLADYS CORNER...WE CARRY ON HER CUSTOM OF MAKING THIS SITE YOUR 24 HOUR A DAY IRAQ NEWS ARTICLE SOURCE

THANK YOU FOR YOUR CONTINUED SUPPORT OF OUR LADY.


You are not connected. Please login or register

Bond Ladys Corner » NEWS FROM IRAQ » Iraq Dinar & CBI News » Oliver Wyman Company and lifting sanctions on banks banned from using the dollar

Oliver Wyman Company and lifting sanctions on banks banned from using the dollar

Go down  Message [Page 1 of 1]

ikea


MEMBER
MEMBER

Oliver Wyman Company and lifting sanctions on banks banned from using the dollar
 
Economic researcher Ali Dadoush
Articles
Ali Daadoush
 
The Central Bank of Iraq contracted with Oliver Wyman, a global consulting firm, which has the ability to
 
     “restructure companies to achieve success in difficult times, and
     build a new strategy in the field of banking services, as well as
 
being a leader in the field of risk, strategy and human resources, where
it helps clients.” To navigate in a dynamic environment across four global companies.
 
So a company like Oliver Wyman can
 
     help sanctioned Iraqi banks understand the sanctions imposed on them,
     work on strategies to reduce their impact, and even
     help remove these sanctions in some cases.
 
From a legal standpoint, the company can help Iraqi banks
 
     understand international laws and sanctions applied to them,
     identify any legal risks associated with their activity, and then
     provide recommendations on how to improve banks’ compliance with international sanctions and
     develop plans to mitigate risks.
 
In addition, the company will help Iraqi banks in
 
     Communicating with international government agencies to
     learn more about the sanctions imposed on them, or to
     request ((exceptions or mitigation)), by
     providing training programs for employees in Iraqi banks to develop their skills in the field of sanctions compliance.
 
From the above, we conclude that Oliver Wyman can
 
     play an important role in helping Iraqi banks understand and implement international sanctions effectively, and then
     submit a recommendation to the Treasury and the Federal Reserve that paves the way for lifting the sanctions.
 
views 110     Added 08/31/2024 - 9:17 PM 
 
https://economy-news.net/content.php?id=47001   

ikea


MEMBER
MEMBER

The Central Bank contracts with an international auditing company to reform and merge Iraqi banks
 
Economy | Yesterday, 16:53 |
Baghdad Today - Baghdad
 
Today, Saturday (August 31, 2024), the Central Bank of Iraq announced that it has contracted with an international auditing firm in New York City, in the United States of America.
 
The bank confirmed in a statement received by “Baghdad Today” that
 
“the delegation headed by the Governor of the Central Bank, Ali Mohsen Al-Alaq, to ​​the United States of America, discussed the
 
     use of electronic payment cards and ways to organize and
     stimulate their use in line with Iraq’s trend towards electronic payment,
 
during separate meetings with... A group of companies such as (Visa, Mastercard and MoneyGram), as the
 
international auditing company (KPMG) provided an extensive analytical presentation of the uses of these cards, reinforced with recommendations and proposals to enhance the regulated use and accommodate the significant increase in citizens’ use of these cards.”
 
During the negotiations, according to the statement, the gathered parties praised
 
“the important steps in promoting banking sector reforms, the most important of which is the contract conducted by the delegation of the Central Bank of Iraq with the company (Oliver Wyman) to conduct a comprehensive review of the conditions of Iraqi banks, especially the banks that are prohibited from dealing in the US dollar currency.”  The statement explained,
 
"The company will work to develop practical solutions to reintegrate these banks within the Iraqi and international banking sector, in addition to improving the level of bank procedures in accordance with international standards, as
 
this initiative aims to
 
     facilitate the process of establishing direct banking relationships, and
     improve the quality of the services provided." From banks to serve the Iraqi economy,” noting that
 
“the company is scheduled to begin its work during the next few period.”   
 
https://baghdadtoday.news/256913-البنك-المركزي-يتعاقد-مع-شركة-تدقيق-دولية-لاصلاح-ودمج-المصارف-العراقية.html   

ikea


MEMBER
MEMBER

The Central Bank announces the results of the New York meetings
 
economy         30-08-2024, 20:30
Baghdad - IA
 
Today, Friday, the Central Bank of Iraq announced the results of the visit of the delegation headed by the Governor of the Central Bank, Ali Mohsen Al-Alaq, to ​​the United States of America, which lasted from August 26 to 29, 2024.
 
The Central Bank of Iraq confirmed in a statement - received by the Iraqi News Agency (INA) - that
 

"a high-level negotiating delegation headed by Governor Ali Mohsen Al-Alaq held a series of intensive meetings in New York City, the United States of America, which included discussions with the
 
     US Treasury Department and the
     Federal Reserve Bank, In addition to meetings with a group of
     companies (Visa, Mastercard and MoneyGram) as well as
     bankers (Citi Bank and JP Morgan) as well as
     international auditing firms (KPMG, E&Y, K2i and Oliver Wyman).”  He added,
 
"The participants in the meetings praised the major transformations accomplished by the Central Bank of Iraq, which represent an unprecedented achievement at the country level, as the bank achieved remarkable progress in the procedures for controlling external transfers and cash sales of the US dollar currency, which led to the improvement of systems, policies, and procedures." In accordance with international and local standards, enhancing transparency in covering foreign trade and providing protection for the banking and financial sector from the risks of money laundering, terrorist financing and financial crimes.”  He announced,
 
“A meeting will take place between officials of the Central Bank of Iraq and its international partners by the end of this year regarding the major shift in ending the work of the electronic platform for foreign transfers and
 
replacing it with direct banking relationships between Iraqi banks and the network of international correspondent banks, in accordance with the plan developed by this bank, and in effect.” internationally,
 
which will allow the Central Bank of Iraq and the Federal Reserve Bank to exercise their supervisory roles away from executive procedures, as
 
this transformation will have important repercussions in the stability, smoothness and transparency of the country’s foreign trade financing operations,” noting,
 
“It aims to achieve the required stability in exchange rates, which in turn will lead to... To enhance the efficiency of the financial system in Iraq.  He pointed out that
 
"the meetings in New York City also dealt with mechanisms for expanding the network of international correspondent banks and qualifying Iraqi banks to meet the requirements necessary to open their accounts with international correspondent banks, with the aim of enabling them to complete their financial transactions, whether through external transfers in the US dollar or other foreign currencies."   
 
https://www.ina.iq/215871--.html   

Sponsored content



Back to top  Message [Page 1 of 1]

Bond Ladys Corner » NEWS FROM IRAQ » Iraq Dinar & CBI News » Oliver Wyman Company and lifting sanctions on banks banned from using the dollar

Permissions in this forum:
You cannot reply to topics in this forum