Latest news with #K2Integrity
LBCI
2 days ago
- Business
- LBCI
Lebanon's banking future: BDL enlists US firm to tackle unregulated economy, Hezbollah-linked cash flows
Report by Bassam Abou Zeid, English adaptation by Yasmine Jaroudi Within the U.S. Department of the Treasury, two specialized teams are closely monitoring the financial situation in Lebanon. One is focused on the country's ongoing negotiations with the International Monetary Fund (IMF), while the other is dedicated to addressing the country's unregulated cash economy, particularly efforts to curb funding for groups that Washington classifies as terrorist organizations, including Hezbollah. According to informed sources, the U.S. possesses detailed data on individuals and entities dealing with Hezbollah-affiliated financial institutions, notably the Qard al-Hassan association. This data includes names, sectarian affiliations, geographic distribution, and money flows related to the mortgaging of personal jewelry to obtain loans from the group. The sources indicate that some of these funds are deposited in Lebanese banks as fresh dollars and are subsequently transferred to correspondent banks in the U.S. or Europe. This has raised alarm among foreign institutions, which may consider halting transactions with Lebanese banks due to the risk of indirect exposure to funds linked to Hezbollah. In response, the Banque du Liban (BDL) has signed an agreement with K2 Integrity, an American financial intelligence firm with former U.S. Treasury officials among its ranks, to evaluate and regulate Lebanon's cash economy. K2 Integrity is expected to categorize Lebanon's cash economy into three risk levels. The green category includes funds stored in homes; these are not subject to confiscation but will be encouraged to be returned to the banking system under new, strict compliance rules enforced using artificial intelligence. The yellow category consists of funds entering the country without clear documentation; for this, technical equipment will be installed at airports, ports, and border crossings to verify their source and amount. The red category includes funds linked to Hezbollah, al-Nusra Front, ISIS, drug trafficking, arms trade, and human smuggling. These funds will be aggressively targeted to prevent both inflows and outflows. The sources conclude that Lebanon faces a clear crossroads: either it transforms into a destination for legitimate investment and financial trust, or it risks becoming a hub of corruption and terrorist financing.
Asharq Al-Awsat
6 days ago
- Business
- Asharq Al-Awsat
Lebanon Central Bank Signs Deal with US Risk Management Advisory Firm to Combat Illegal Activity
Lebanon's central bank signed an agreement on Monday with US risk management advisory firm K2 Integrity aimed at combating illegal activities and fraud, according to a statement. The agreement is part of the central bank's efforts to come off the global financial crime watchdog FATF's "grey list" of countries under special scrutiny. FATF placed Lebanon on the list last October.
Al Arabiya
6 days ago
- Business
- Al Arabiya
Lebanon central bank signs deal with US risk management firm to combat illegal activity
Lebanon's central bank signed an agreement on Monday with US risk management advisory firm K2 Integrity aimed at combating illegal activities and fraud, according to a statement. The agreement is part of the central bank's efforts to come off the global financial crime watchdog FATF's 'grey list' of countries under special scrutiny. FATF placed Lebanon on the list last October. Read more:
Iraq Business
24-06-2025
- 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
Iraqi News
23-06-2025
- Business
- Iraqi News
Qi, K2 Integrity partner to raise Iraq's financial compliance standards
Baghdad ( – Iraqi fintech Qi has partnered with US-based K2 Integrity to upgrade its compliance systems and align Iraq's financial sector with global standards. The agreement includes the establishment of a compliance hub in Jordan and an innovation center in the UAE, supporting operations across the region. The 36-month roadmap will see K2 Integrity revamp Qi's financial crime compliance framework, train staff, and implement international best practices. Qi Chairman Bahaa Abdul Hadi said the move reflects a commitment to transparency and economic leadership in Iraq. 'This is about Iraq's future. We are investing to meet the highest global standards.' Qi, Iraq's largest electronic payment platform, serves over 10 million users and plays a central role in the country's financial ecosystem. K2 Integrity's involvement is seen as a vote of confidence in Iraq's ongoing economic reforms.
