The Central Bank of Iraq (CBI) has revoked the licences of three exchange companies—Al-Aswar, Al-Qattaf and Al-Anamel—after determining that they had falsified cash-sale records related to travelers’ foreign currency transactions.
According to CBI Decision No. 138 of 2026, the companies are required to return the U.S. dollar amounts involved in the violating transactions. In cases where full repayment is not possible, they must repay the exchange-rate difference resulting from those transactions.
In addition to revoking their licences, the CBI imposed a series of restrictions on individuals associated with the companies. The authorized managers, compliance officers, anti-money laundering and counter-terrorism financing reporting officers, as well as employees working at airport exchange outlets, are prohibited from working for or holding shares in any banking or non-banking financial institution.
The sanctions also extend to the companies’ shareholders, who are barred from owning shares in banking and non-banking financial institutions.
The decision reflects the CBI’s continued efforts to strengthen oversight of the foreign exchange market, enforce compliance standards and combat violations related to currency sales and financial reporting. The measures are part of broader reforms aimed at enhancing transparency, protecting the integrity of Iraq’s financial system and reinforcing anti-money laundering controls.
The action underscores the regulator’s willingness to impose strict penalties on institutions found to have violated foreign currency regulations, particularly those involving the official dollar allocation mechanism for travelers.
