CBI Governor highlights role of digital payment systems
Shafaq News/ On Saturday, Ali Al-Allaq, Governor of the Central Bank of Iraq (CBI), emphasized that the use of electronic payment systems and banking technologies has significantly enhanced compliance in the country's anti-money laundering efforts.
Al-Allaq made these remarks during the Electronic Payment Conference for Financial Stability in Iraq, held in Baghdad.
He noted that global focus is increasingly on enforcing compliance with anti-money laundering regulations, stressing that the safety of banking operations is crucial for community welfare, economic stability, and both domestic and international banking relations.
"There is a key emphasis on measuring compliance in every banking operation. Therefore, when implementing anything within the scope of electronic payments and its various tools and channels, the key question is: What is the level of compliance and governance in these operations?"
Al-Allaq pointed out that, "When it comes to electronic matters, the application is easier and more feasible, leading to much better compliance levels compared to traditional methods. It is faster, more accurate, and provides detailed insights into every transaction."
He added, "Today, with the use of personal cards, we have comprehensive and real-time analysis of transactions—where they occur, the types of transactions, and whether they align with compliance standards and sources of funds. This data analysis can provide important insights and redirect processes to prevent any form of fraud or breach."
