The means by which private banks and money changers can be fined were made public by the Iraqi Central Bank.
“We would like to inform you that the imposition of fines on banks and non-banking financial institutions is carried out through a specialized committee in this bank whose work is based on Central Bank Law No. 56) of (2004), as well as the Law No. Bank Number 94) of (2004), as well as the controls and instructions that govern banking operations.
He went on to say, “In light of the bank or non-banking financial institution’s violation of these laws, instructions, and controls, noting that the purpose of imposing fines on banks and non-banking financial institutions is to prevent them from committing violations of the laws mentioned above and the instructions issued pursuant to them to protect them and ensure their safety and the safety of the financial sector in general,”
