CBI: Social media influencers are financial crime threat
Shafaq News – Baghdad (Updated at 16:35)
The Central Bank of Iraq (CBI) instructed all banks and financial institutions to classify social media celebrities and influencers as “high-risk and multi-risk clients.”
According to documents, the CBI said this group now poses new risks to the financial sector, particularly in cases involving money laundering, terrorism financing, illicit funding, fictitious contracts, and unexplained transfers.
The Central Bank’s media team member, Alaa Fahd, said in a post on Facebook that social-media celebrities and influencers have become “a source of new threats” to the financial sector. He added that the measure is a necessary step to protect the financial system from chaos and misuse, noting that some influencers have recently been involved in facilitating suspicious contracts, documents, and transfers used in unlawful activities.
Fahad further pointed out that the new instructions do not amount to restrictions but serve as “a shield to protect the national economy, strengthen confidence in the banking sector, and close the door to any attempt to infiltrate one of the country’s most sensitive sectors.”
Iraq has seen rapid growth in social media use, with the Digital Media Center reporting 34.3 million users in 2024—nearly 74% of the population. TikTok recorded the fastest expansion, while platforms such as Facebook, Instagram, Snapchat, and LinkedIn also grew.
Earlier this year, Iraq’s Communications and Media Commission (CMC) required social-media influencers to pay annual licensing fees based on the size of their audience.
Under the new policy, creators with more than 5 million followers will pay 1 million IQD (about $703) per year, while those with 3 to 5 million followers will be charged 850,000 IQD (about $598). Accounts with 1 to 3 million followers must pay 650,000 IQD (about $457), those with 500,000 to 1 million followers owe 450,000 IQD (about $316), and creators with 100,000 to 500,000 followers will pay 350,000 IQD (about $246).
Read more: Iraq’s TikTok debate: digital growth vs. cultural norms
