Compliance , AML , FATCA 

Compliance Policy and Statement



Compliance

Compliance and Anti Money Laundering are two autonomous departments of IDB. They helps protect the Bank and promote a robust compliance culture throughout the Bank by providing regulatory, Anti Money Laundering and compliance advice and guidance (e.g., policy and training) to all areas of the bank. We have invested heavily whereas we aspire to be.

  • Best-in-class Compliance organization
  • Rational organizational structure with clear accountabilities
  • Right people – knowledgeable, impactful, positive change agents
  • Constructive engagement with relevant stakeholders
  • Clear communication of relevant regulatory and policy standards
  • Alignment with other Risk & Control areas to support overall control environment
  • Fidelity to Compliance mandate
  • Attention to rules and behaviors

Anti-Money Laundering

  • Safeguard the bank with World Class AML monitoring and alert systems
  • Transparent and open dealings with regulators
  • Strong,compelling and effective controls and processes
  • Core focus on risk assessment, testing, verifaction, surveillance, policy and training
  • Consistent and cohesive program and approach across the organization
  • Be challenging, proactive, and independent
  • Target areas of greatest risk
  • Escalate timely with meaningful follow through


FATCA

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 International Development Bank of Iraq (IDB Iraq). International Development Bank of Iraq (IDB) GIIN: CQM1W8.99999.SL.368

Our registration can also be found on the official FFI list as per the following link: http://apps.irs.gov/app/fatcaFfiList/flu.jsf


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