The Central Bank of Iraq said on Wednesday that labeling social media celebrities and influencers as “high-risk” clients is meant to protect the country’s economy, not to restrict anyone.
Alaa Al-Fahd, a member of the bank’s media team, told dinaropinions.com that the recent warning sent to banks and financial institutions is very important. The bank instructed them to be careful when dealing with influencers, calling them “high-risk and multi-risk clients.”
According to Al-Fahd, this group has become a new source of danger for the financial sector. He explained that some influencers have recently been linked to activities involving money laundering, terrorism financing, illegal funding, fake contracts, and suspicious money transfers. Because of this, the bank felt it had to issue strict instructions to protect the financial system from being misused.
He added that the move was necessary to stop chaos and prevent influencers from being used as a channel for shady deals or forged documents. “This is not a restriction,” he said. “It’s a shield to protect the national economy, build trust in the banking sector, and stop anyone from trying to break into one of the most sensitive sectors in Iraq.”
Earlier, the Central Bank issued a formal warning to all banks and financial institutions, telling them to classify influencers as high-risk clients. Documents published by Shafaq News Agency also stated that this group now poses a growing threat, especially in areas like money laundering and illegal financial transfers.
With these instructions, the Central Bank hopes to close the door to any potential abuse of Iraq’s banking system.
