Central Bank of Iraq has issued a circular regarding the appointment of leadership positions in electronic payment companies. Further to our circulars numbered (497/10/9) and (241/10/9) dated 5/12/2022 and 19/4/2023, we have decided to obtain the approval of this bank for the appointment of employees holding key leadership positions, including the Managing Director and his assistant, the Director of the Anti-Money Laundering and Terrorist Financing Department, the Compliance Controller, the Director of the Internal Audit and Control Department, and the Director of Information Security only. Other positions, such as the Branch Manager, the Assistant Director of the Anti-Money Laundering and Terrorist Financing Department, the Assistant Director of the Compliance Controller, the Director of the Risk Management Department and his assistant, the Director of Information Technology, the Director of the Awareness and Public Protection Department and his assistant, shall be in accordance with the following:
- Documenting the appointment process and the examination of the General Assembly with minutes of a meeting certified by the Ministry of Trade/Companies Registration Department.
- The company is responsible for recruitment based on university degrees, security clearance, residency confirmation, identification documents, passports, professional certificates, work experience confirmation, university degrees, residency, and a good security clearance for foreigners, in accordance with the requirements mentioned in the regulations above for each position.
- The company will notify us of the candidates who have been appointed or replaced, attaching all the documents mentioned in paragraphs (1) and (2) above, to update this bank’s databases.
- These positions will be subject to the supervision and monitoring of this bank through the audit of their work, activities, and competencies by the inspection bodies.