Expertise
Banking & Financial Services
Central Bank of Iraq licensing and compliance, cross-border transfers, letters of credit, bank guarantees, payment services and digital banking, for banks, financial institutions and their corporate clients.
Banking and payments in Iraq are governed by Central Bank of Iraq instructions that change often and are applied strictly by the banks. We advise financial institutions on licensing and compliance in conventional banking and in the digital and online services that are now entering the market, and we advise corporate clients on the practical side of the same rules: how to structure and document cross-border transfers, how to open and draw on letters of credit, and how to obtain and later release the performance bonds and bank guarantees that Iraqi state entities demand. We also advise on the tax and exchange-control aspects of repatriating profits and demobilisation proceeds.
Typical matters
- Central Bank of Iraq compliance for banks, payment service providers and e-money companies
- Cross-border transfer documentation
- Letters of credit and trade finance
- Performance bonds and guarantees in favour of state entities
- Digital banking and e-money licensing
- Repatriation of funds