Payments & FX Restrictions
Cross-border payments introduce currency, AML, and sanctions risks. In Iraq, foreign exchange transactions are regulated, and EPSPs must comply with rules governing international remittances, foreign currency usage, and settlement arrangements. Not all EPSPs are permitted to perform cross-border functions without additional approvals.
Compliance Considerations
- Currency controls and FX rules
- Sanctions and correspondent banking requirements
- AML/CFT and reporting obligations
- Licensing for remittance activities
Operational Requirements
- Documentation for cross-border transfers
- Customer due diligence for international payments
- Settlement through approved channels
CBI Compliance
- Obtain approval for FX or remittance services
- Report cross-border transaction data
- Enforce AML risk mitigation for foreign transfers
- Comply with foreign currency supervisory controls
How Etihad Can Assist
Etihad provides legal and regulatory advisory services to banks, financial institutions, and businesses, supporting compliance with applicable laws, regulations, and regulatory guidance issued by any competent authorities.