Baghdad – Ina
The Trade Bank of Iraq (TBI) announced today, Saturday, that the rate of remittances had increased to 400, while clarifying the procedures for remittances and combating money laundering.
The bank’s media advisor, Aqeel Al-Shuwaili, said to the Dinar program, followed by the (INA): “After the recent decisions taken by the bank’s management, according to the directives of the Prime Minister, to open a center for deposits, additional branches were opened and working hours were increased from 7 am to 3 pm.” He pointed out that “these decisions contributed significantly to reducing the momentum.”
He added, “The percentage of transfers has increased from 250 to more than 400 various transfers per day within the Iraqi Trade Bank in all branches, and it is subject to increase,” indicating that “we have branches that are still under construction and will be opened soon, and there are employees with experience, and work will be done to increase their numbers.” .
For her part, the head of the remittance department at the Trade Bank of Iraq, Ruqaya Abdul Rahman, confirmed that “the bank’s role is important and effective in determining transfers through the Central Bank platform based on the directives of the Prime Minister,” adding that “daily the bank receives requests to implement between 400 and 500 transfers.” Transfers that do not meet the requirements of documents are rejected, because the transfer goes through several steps until it reaches the final stage of implementation in the transfers department, or the invoice or copies of identities or documents belonging to the customer himself are missing.”
She continued: “Companies are required to have an account in the Trade Bank (TBI) and submit invoices with new dates, address, and information of the person or company to which the transfer is made that is the beneficiary of the final amount, and it must be between the requester of the transfer and the final beneficiary, in addition to other documents.” The identity and papers of the company itself are certified and complete.”
She pointed out that “the problem occurs if the merchant wants the transfer quickly, and it goes through several procedures until it reaches the final stage, and the papers may be incomplete or the branch uploads them and they stop at a certain point in the system, and this causes a delay in the transfer, so we stress the customers’ By completing the invoices and information before executing the transfer, and sometimes the corresponding bank requests the depositor’s information so that there can be correspondence between us and him until we are convinced, and most of those who refuse have a lack of documents and the conditions are not met for the transfer.”
She continued: “When transfers are submitted to the branch, they enter the Anti-Money Laundering Department, are audited, and are submitted to the second auditing company, which takes its time, and when it returns to us, it is approved. The audit is done a second time, so it goes to the branch to take the necessary action. After that, it is submitted to the Transfers Department, and the transfer is executed between 5 to 7 days,” noting that “the Iraqi Trade Bank has a strong and wide network of correspondents, such that customers come to the bank through the Central Bank platform to benefit from the exchange rate approved by the Central Bank and the senior management is working to establish new branches that attract good cadres and increase the rate of work and remittances.” .
In this regard, Dina Ahmed Farhan, head of the Money Laundering and Terrorist Financing Reporting Department, explained, “The most important thing in a transfer is the customer, and when he writes a transfer for a certain amount from the requesting company and has the full papers and the amount, these lists are uploaded with the request to the Central Bank’s platform for approval, and the requirements of the auditing company are attached to them.” And the requirements of the international company that sends the transfer, in addition to the identities and passports of shareholders, institutions, the negotiator, and the agent.”
She continued: “The account opening form contains family information, name, residence, phone number, monthly expectations, the amount of transactions in the account, and private commercial information to know what the customer is doing, to know if their names exist, to know if they are included in the local and international ban lists, and the bank’s own list.”
She explained, “There are certain percentages to determine if it is possible to manage the project first, and the priorities are audited and reviewed to go to the platform and an approval comes that is converted to Excel and then goes to (K2), an international auditing company in America to audit even the beneficiary to whom information, company papers, email, and phone number are sent.” Phone and address. Sometimes this company cancels many orders because they are unconvincing companies. They have special websites and standards by which many companies are audited, and approximately 20 companies have been banned from dealing with them in China. We have many companies and merchants whose papers are seized before they enter the platform.” .
Interview between Time.news Editor and Ruqaya Abdul Rahman, Head of the Remittance Department at the Trade Bank of Iraq
Editor: Good day, Ruqaya! Thank you for joining us today. There’s been quite a buzz regarding the recent increase in remittances through the Trade Bank of Iraq. Can you share some insights into how significant this increase is and what it means for the economy?
Ruqaya Abdul Rahman: Thank you for having me. We’ve seen a remarkable increase in transactions lately, from 250 to over 400 transfers per day. This surge highlights the growing confidence in our banking system and its capacity to facilitate international remittances, which is crucial for both individual families and the broader economy.
Editor: That’s impressive! What steps did the bank take to facilitate this increase?
Ruqaya: The management, under the guidance of the Prime Minister, made strategic decisions to enhance our operations. This includes opening new branches and extending our working hours to accommodate customer needs better. We’ve also implemented a streamlined procedure to handle remittances more efficiently while ensuring compliance with the necessary regulations.
Editor: Speaking of regulations, can you elaborate on the requirements for conducting a transfer? It seems there are critical steps that must be followed.
Ruqaya: Absolutely. We prioritize compliance and due diligence in every transaction. Customers must have an account with us, submit properly dated invoices, and provide complete identity documentation. The transparency of this process is key to preventing fraud and ensuring that all transfers meet regulatory standards. Any request that lacks complete documentation faces delays or rejection.
Editor: It sounds like a thorough process. What common challenges do customers face when attempting to make a transfer, and how do you address these issues?
Ruqaya: One significant challenge is the speed of transactions. Many merchants desire rapid transfer approvals, but the process involves multiple stages of verification. If documents are incomplete or incorrectly processed, it can cause significant delays. We encourage customers to double-check their paperwork to expedite the process. Additionally, we stress the need for thorough communication between the bank and our clients.
Editor: You mentioned the involvement of the Anti-Money Laundering Department earlier. Can you walk us through how vital this department is in the transfer process?
Ruqaya: The Anti-Money Laundering Department plays a crucial role. Every transfer request undergoes audits to ensure compliance with anti-money laundering regulations. This involves meticulous checks to verify the authenticity of the transfer and the documentation provided. It’s a thorough process, but it ensures that our banking system remains robust and trustworthy.
Editor: Thank you for that insight. As the remittance landscape in Iraq evolves, what future developments can we expect from the Trade Bank?
Ruqaya: Our management is dedicated to expanding our services. We’re looking to open additional branches and hire experienced personnel to better serve our customers. We also aim to strengthen our network of correspondent banks, which will enhance our international presence and provide better services for our clientele. Our ultimate goal is to create a seamless and efficient remittance process for everyone.
Editor: It’s clear that the Trade Bank is focusing heavily on growth and improving customer experience. Any final thoughts you’d like to share with our readers?
Ruqaya: I would like to emphasize to customers the importance of preparing their documentation thoroughly before initiating a transfer. This diligence can help avoid delays and complications. We are committed to providing the best possible service and ensure that transfers are executed as quickly and smoothly as possible. Thank you for this opportunity to share our efforts!
Editor: Thank you, Ruqaya, for your time and insights. It’s reassuring to see the proactive steps the Trade Bank is taking toward enhancing financial services in Iraq.