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Iraq Business
12 hours ago
- Business
- Iraq Business
Qi and K2 Integrity to Elevate Iraq's Financial Standards
By John Lee. Qi (International Smart Card), Iraq's largest electronic payment platform, has announced that it has entered into a landmark partnership with K2 Integrity (K2i), a US-based global financial integrity and compliance advisory firm. The multi-year collaboration aims to align Iraq's financial infrastructure with international standards in anti-money laundering (AML) and countering the financing of terrorism (CFT). The partnership spans operations in the UAE, Jordan, and Iraq. A major compliance back office will be established in Jordan, fully integrated into Qi's ecosystem, while the UAE office will serve as an innovation hub. ISC Chairman Bahaa Abdul Hadi described the initiative as part of a broader national mission: "This is not just about one business group. This is about Iraq and its economic future ... we are investing heavily to ensure our systems, people, and partners meet the highest global standards of financial integrity." The partnership spans a 36-month roadmap split into three phases, where K2 Integrity will perform the following strategic tasks. Evaluate and transform Qi's current financial crime compliance (FCC) framework. Train Qi's personnel across all levels-from frontline staff to executive leadership. Take operational responsibility for implementing globally benchmarked compliance practices. Transition the program into a sustainable, best-in-class model eventually managed by Qi. According to a press release, this initiative marks a pivotal milestone in Iraq's compliance evolution, strengthening national capabilities and building a foundation for secure, scalable financial growth; it positions Iraq to regain credibility with international partners, attract investment, and enable more secure, scalable cross-border transactions, particularly vital for trade, remittances, and financial inclusion. (Source: Qi) Tags: anti money laundering (AML), cg, compliance, Counter Financing of Terrorism (CFT), electronic payments, featured, financial inclusion, financial integrity, fintech, International Smart Card (ISC), Iraq, Jordan, K2i, Qi, Qi card, United Arab Emirates (UAE), United States
Iraq Business
30-01-2025
- Business
- Iraq Business
Iraqi Bank Training on Cross-Border Payments, Financial Integrity
By John Lee. The Washington DC-based Institute for Financial Integrity (IFI) has announced the launch of the Financial Integrity and Cross-Border Payments Training Program for the National Bank of Iraq (NBI), developed in partnership with the Central Bank of Iraq (CBI) and K2 Integrity. According to a press release from IFI, this groundbreaking initiative aims to enhance the integrity of the Iraqi financial system by ensuring cross-border payments originating from Iraq adhere to legal requirements, regulatory expectations, and global standards. Designed for National Bank of Iraq employees, the training program is designed to: Create a community of financial integrity experts at NBI to enhance the CBI's efforts in effectively addressing significant illicit finance threats to both the Iraqi and global financial systems. Facilitate and demonstrate effective implementation of global Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) standards in line with Financial Action Task Force (FATF) recommendations and guidance. recommendations and guidance. Promote a culture of financial crime compliance and risk management throughout NBI. Ayman Omran Abu Dhaim, CEO at National Bank of Iraq, remarked: "Ensuring the integrity of financial transactions is crucial for fostering trust and stability in both domestic and international markets. This comprehensive training program will ensure that NBI is a leader in promoting a culture of compliance and protecting the Iraqi and global financial system from abuse by illicit actors. The blended training program will be delivered both live as well as online through IFI's DOLFIN® platform. Key program features include: In-depth, live training sessions led by experts from IFI and K2 Integrity eLearning library featuring videos of experts covering core topics Practical case studies focusing on real-world challenges and solutions Resources and tools to support ongoing compliance efforts Grant Kreft, Chief Executive Officer at Institute for Financial Integrity, said: "At IFI we're proud to deliver this important training to the National Bank of Iraq... This program represents a significant step towards enhancing the regulatory framework surrounding cross-border payments in Iraq, ultimately benefiting the broader international financial community." (Source: IFI) Tags: anti money laundering (AML), Central Bank of Iraq (CBI), cg, Counter Financing of Terrorism (CFT), DJ, featured, Financial Action Task Force (FATF), Institute for Financial Integrity (IFI), K2i, National Bank of Iraq, National Bank of Iraq (NBIRQ), United States
