Our Compliance Program
Elaf Islamic Bank complies with the regulations and guidelines related to anti-money laundering, combating terrorism financing and non proliferation of weapons of mass destruction of the Central Bank of Iraq as well as those outlined in MENAFATF and international bodies.
To ensure the compliance is effective and dynamic, the Bank has a revamped compliance department which now practices, monitors and assesses the efficiency of the compliance policies, procedures, processes and systems in place at the Bank.
The compliance team at the department ascertains the following:
– Basic banking practices like Know Your Customer (KYC) policies which enables for customer due diligence are strictly followed.
This not only allows for customer screening and monitoring but also for classification of customers based on their risk profile.
– Suspicious activities are identified, alerted and escalated to the management and regulatory bodies.
– The changes in regulatory guidelines are incorporated in an on-going basis through review and updation of the Bank’s procedures and processes.
– Regular and specific training on compliance are held so to equip the employees with adequate skills to identify suspicious transactions and prevent non-compliance issues.
– In-house and external independent audit are conducted on a quarterly and yearly basis respectively to ensure the Bank’s business is in compliance with the Central Bank of
Iraq’s and international regulatory bodies rules on anti-money laundering, combating financial terrorism and non-proliferation of weapons of mass destruction.
The Bank’s compliance policy requires that the operations of the Bank are carried out at all times in conformity with the highest ethical standards in full observance of all applicable laws and regulations of Iraq, international best practices and conventions collated by international bodies. The policy also requires compliance with internal policies, standards, guidelines and procedures as approved from time to time by the Board.
With reference to FATCA (Foreign Account Tax Compliance Act) which come into effect and its implications for financial institutions as of 1st July 2014, we hereby declare of being “FATCA compliant” in the status of reporting Financial Institution Single Status under “Model 2 IGA”. IRS (Internal Revenue Service) has assigned the following GIIN (Global Intermediary Identification Number) to Elaf Islamic Bank for Investment and Financing Iraq.
Our Fatca GIIN: L7VZ9D.99999.SL.368