Empowering Iraqi Finance: IFI's New Training Program Launch

IFI Launches New Training Program for National Bank of Iraq

In a significant move towards enhancing the integrity of the financial system in Iraq, the Institute for Financial Integrity (IFI) has announced a new training initiative aimed at the National Bank of Iraq (NBI). Developed in close collaboration with the Central Bank of Iraq (CBI) and specialists at K2 Integrity, this program is poised to transform how cross-border payments are processed.

Objective of the Financial Integrity Training Program

This innovative training initiative is designed to reinforce compliance within the Iraqi financial sector. One of its primary goals is to ensure that all cross-border payments originating from Iraq comply with existing legal frameworks, regulatory mandates, and global financial standards.

Building Expertise in the Financial Sector

The program encourages the establishment of a strong community of financial integrity experts at NBI. This network is vital for strengthening compliance measures against illicit finance, a growing concern for both the Iraqi economy and the global financial landscape.

Promoting Compliance and Risk Management

By facilitating the implementation of effective Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) standards, this training program aligns with recommendations from the Financial Action Task Force (FATF). It aims to foster a culture of compliance and proactive risk management throughout the organization.

Overview of the Training Program

The training program is tailored for employees at NBI and will be delivered through a blended format, which includes both live sessions and online modules via IFI's proprietary DOLFIN platform. This multi-faceted approach ensures comprehensive learning and accessibility for all staff members involved.

Key Features of the Training

• Live training sessions: Led by financial experts from IFI and K2 Integrity, these sessions promise to deliver in-depth knowledge and tactical skills.
• eLearning library: The program includes a library of expert videos addressing core financial integrity topics, which will be available in Arabic, making it more accessible to the local workforce.
• Practical case studies: Participants will engage with real-world scenarios to better understand the complexities and challenges faced in cross-border transactions.
• Compliance resources: The training will equip employees with various resources and tools to support their ongoing compliance efforts, ensuring they remain informed and responsive to evolving regulations.

Comments from the Leadership

Ayman Omran Abu Dhaim, the CEO of the National Bank of Iraq, emphasized the importance of maintaining the integrity of financial transactions. He stated, "This comprehensive training program is pivotal for ensuring NBI leads the way in promoting a culture of compliance and safeguarding the financial system from potential abuses by illicit actors."

Grant Kreft, Chief Executive Officer at IFI, expressed pride in providing this essential training. He stated, "This initiative marks a key development in enhancing the regulatory landscape for cross-border payments in Iraq and will benefit the wider international financial community."

About the Institute for Financial Integrity

The Institute for Financial Integrity is committed to empowering financial professionals globally to uphold the integrity of financial systems against illicit activities. Through its educational initiatives, including in-person training and online certifications offered via the DOLFIN platform, IFI plays a crucial role in fostering global financial compliance.

About the National Bank of Iraq

Founded in 1995, the National Bank of Iraq (NBI) continues to be a leading financial institution within the country, showcasing significant growth in assets, deposits, and services. Recognized as a top performer, NBI has earned accolades for its contributions to economic investment in Iraq while providing extensive financial services, including trade finance and credit facilities.

Frequently Asked Questions

What is the primary goal of IFI's training program?

The main objective is to enhance financial integrity and compliance within the National Bank of Iraq, ensuring adherence to global standards.

Who developed this training program?

The program was developed by the Institute for Financial Integrity in partnership with the Central Bank of Iraq and K2 Integrity.

How will the training be delivered?

The training will be conducted through a combination of live sessions and online modules accessible via IFI's DOLFIN platform.

What features does the training program include?

Features include live expert-led sessions, an eLearning library with Arabic videos, practical case studies, and various compliance resources.

Why is this program important?

This program is crucial for developing a culture of financial compliance and protecting both domestic and global financial systems from illicit activities.

About The Author

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