Summary
This document is a guide detailing the Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations in Iraq, particularly focusing on identity verification requirements. It outlines the legal framework established by Iraq’s Anti-Money Laundering and Counter-Terrorism Financing Law, which was introduced in 2015. The document emphasizes the obligations of clients to ensure compliance with these regulations, including customer screening, identification, and verification processes. It describes the necessary due diligence requirements, compliant Customer Due Diligence (CDD) methods, and the documents required for verification. The guide also discusses the timing of verification, enhanced due diligence measures for high-risk individuals, and the reliance on external services for fulfilling AML/KYC obligations. Furthermore, it specifies the record retention requirements mandated by Iraqi law, which necessitates retaining data for a minimum of five years. Overall, this document serves as a comprehensive reference for understanding and implementing AML and KYC procedures in Iraq.
