Page 21 - of Khadrun’, and that Mark said about the lineage of Jesus son of ‎Mary that he was 'The word of God which He placed in the human ‎body, so it became human’, and that Luke said, 'Jesus son of Mary ‎and his mother were humans of flesh and blood, so the Ho

Investor Guide to Iraq 2021

Developing the regulating body and structure of the CBI
Aiming at supporting the continuation of the work in the banks, CBI issued the regulations of the business continuance
management system in the Iraqi banking sector and trained the IT and risk management committees to apply these regulations
according to the requirements of the international standard for business continuance and the recommendations of receiving the
returning information from the banks regarding applying these regulations.
The CBI reconsidered the monitory regulations to make sure they are compatible with the international standards issued by Basil
Committee for Banking Monitory (III) in cooperation with (METAC) which were recently published and as follows:
 The monitory work guide that concentrates on the regulations of risks management in the traditional banks.
 Supervisory controls for the capital adequacy standard in accordance with the requirements of Basel (III).
 Regulations for organizing the work of brokerage firms for the sale and purchase of foreign currency No. 1 of 2018
 Regulations of Islamic financing tools.
 Instructions and procedures issued by the Central Bank to regulate banking activity in Iraq, including (branches of foreign
banks).
 Executive controls to regulate the work of Islamic banks
 Instructions for the business continuity system in the Iraqi banking sector according to the international standard.

Developing the CBI operating performance
After meeting the requirements of the international standard last year, CBI obtained the ISO certificate in the field of cash
management granted by LMS Certification Limited, and the ISO9001 standard is considered as the most spreading in the world
for the management systems which essentially helped CBI to develop and regulate its management standards in the various
fields.
Finishing the process of preparing the BSRS program and the tests of connecting banks with the CBI in terms of auditing
financial statements.

For the purpose of gradual converting to the centrality of accounts, CBI achieved the first stage of unifying accounting processes
for foreign currency auction window.
CBI also created new departments within the exchange monitory office, dept. of analyzing the banks performance and risk
monitory, section of evaluating the real estate mortgages, and the IT section in the banks and the financial institutions. Those
departments and sections were created according to the best international standards.

www.investpromo.gov.iq 19