Central Bank of Iraq Revokes Al-Shathan Exchange Company’s License
The Central Bank of Iraq (CBI) has announced the revocation of the operating license of Al-Shathan Exchange Company after the company was found to have violated regulations and instructions governing the activities of exchange companies and foreign currency transactions in Iraq.
The move comes as part of the CBI’s ongoing efforts to strengthen oversight and regulation of the foreign exchange sector, ensure compliance with anti-money laundering (AML) standards, and safeguard market stability.
In this context, the Central Bank stressed that the continued operation of any exchange company is conditional upon full compliance with applicable regulations and instructions. It also warned customers against conducting transactions with entities whose licenses have been revoked.