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Central Bank of Iraq announcement concerning money transfer companies
May 30, 2014
The Republic of Iraq
The Central Bank of Iraq
To all exchange companies and money transfer companies
Based on the provisions of paragraph 2 of Article 4 of the code of the Central Bank of Iraq, and the decision of the Board of Directors taken at meeting number 1511 on 4/30/2014, the agreement is as follows:
1. All exchange companies are to purchase the dollar directly from the CBI (wire transfer or cash). This is done through submitting an application to the foriegn currency exchange window, following the mechanisims and instructions numbered 9/3/21 dated 1/26/2014.
2. Opening accounts in the Dinar and Dollar for the exchange companies for this bank should be done through the banking system (ICBS) for the purpose of foreign currency purchase.
This should be done in the following manner:
A. Current accounts will be opened in Dinars through the (ICBS) banking system for every company according to the request made by the company. The company is not provided with checkbooks for this account.
B. A code will be given to each account to deposit funds into the account through the (RTGS) system from the accounts of the exchanges.
C. An account will be opened using the Dollar for each company, and they will be provided checkbooks for the purpose of withdrawing the dollars sold by the bank, provided that this bank provides the names on the authorized withdrawals and copies of their signatures. The checkbooks are to be authorized exclusively for the purpose of withdrawing the dollar for it’s purposes.
D. As for the exchange, the companies will submit a formal letter signed and authorized (2 authorizations) entitled to The Direct General of Exchanges.
3. The company’s quantity sold in cash should not exceed 20% of the company’s capital for the purpose of direct sales.
4. Create units for supervising compliance and money laundering.
5. The money transfer companies are to provide us with the monthly balance, checked and signed by another legal accountant. This will show the extent of this company’s commitment to instructions number 19 of the year 2014.
With Respect,
General Director of the Agency
Abd Al-Abbas Khalaf Sultan
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