Working autonomously, the Compliance and Anti-Money Laundering (AML) departments at IDB help protect the bank and its customers from financial crime and promote a robust compliance culture by providing regulatory, AML and compliance advice, guidance and training.
IDB recognizes our responsibility to demonstrate the highest legal, professional and ethical standards in order to strengthen our brand image and ensure the sustainability of our business activities both inside and outside of Iraq.
Nowadays, regulatory compliance overlaps with all banking operations and departments. For this reason, we at IDB ensure that our compliance program is a main component of our risk management strategy at the highest enterprise level.
We introduced the compliance program to ensure that all regulatory requirements and related updates are in place, and are reflected in our internal policies and procedures across all of our business units.
Our compliance program covers all of the bank’s activities and business units, and focuses on combating money laundering and terrorism financing, fraud, FATCA, and corporate governance.
At the International Development Bank we run a strict anti-money laundering and terrorism financing policy, which is enforced and regulated by the bank’s autonomous Anti-Money Laundering Department.
It is the duty of the Anti-Money Laundering Department to make sure that all of IDB’s transactions and procedures are compliant with both local and international policies and regulations, as well as protecting both the bank and its clients from any wrongdoing.
Therefore, IDB has adapted the Wolfsberg Group standards, in addition to the recommendations set forth by the Financial Action Task Force (FATF).
In order to ensure the highest level of transparency when it comes to our business relationships, we apply the KYC (Know Your Customer) method when it comes to both potential and existing clients on a regular basis, as well as conduct Customer Due Diligence and Enhanced Due Diligence procedures based on a systematic risk assessment.
It is in this spirit that we are quick to investigate any suspicious activity and report it directly to the appropriate authorities.
To download the Wolfsberg Questionnaire, click here
IDB’s Sanctions Program ensures that all relevant financial and economic sanctions lists and related legal requirements are observed, while our compliance program provides guidance and instructions to sanctions related restrictions and potential effects towards our business activities.
IDB’s Sanctions Program complies with all sanctions lists issued by the United Nations (UN), European Union (EU), United Kingdom HMT, and United States of America OFAC, in addition to local lists.
IDB enforces an Anti-Fraud Program to protect its products and services against misuse, by ensuring that our employees and clients don’t become involved in fraudulent acts, and implementing preventive anti-fraud measures to detect, prevent, and respond to such.
The only concern of IDB’s Anti-Fraud Program is to protect our clients’ wealth and IDB’s assets from misuse.
Signed into law in 2001, the USA Patriot Act requires that financial institutions implement stringent compliance programs regarding the activities of a broader range of accounts.
IDB certifies its compliance with the USA Patriot Act.
To download IDB's certification, click here
Within the scope of our commitment to the principles of corporate governance, we have adopted a general framework which is in-line with the highest international standards and practices, including the principles of the Organization for Economic Cooperation and Development (OECD), the guidelines of the Basel Committee for banks monitoring, the CBI instructions, the Banking Law, and the Commercial Law.
The corporate governance charter was prepared and adopted by IDB, to determine the bank’s values and strategic direction, with the main concern of ensuring that the management and control mechanism are more transparent, thus strengthening investors’ trust in our management.