A joint meeting was held today, Sunday, July 20, 2024, at the Insurance Board headquarters. The meeting brought together the Insurance Board, the Anti-Money Laundering and Counter-Terrorism Financing Office, and the Suspicious Transaction Reporting Officers from all insurance companies.

The meeting discussed several important topics, most notably clarifying the mechanisms for reporting suspected cases of money laundering and terrorist financing. It also reviewed the electronic reporting system (AML), which was previously linked to all insurance companies, contributing to accelerating communication and enhancing the effectiveness of reporting.

The meeting also highlighted the need to update the AML/CFT policy reports adopted by each insurance company, based on the directives recently issued by the Anti-Money Laundering and Counter-Terrorism Financing Council and approved by the Council of Ministers.

This meeting is part of a series of measures taken by the Insurance Board as part of its oversight role over the insurance sector in Iraq and its continued commitment to enhancing compliance with national and international standards in the field of combating money laundering and terrorist financing, ensuring the protection of the financial and economic sector from related risks.

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