The independence of the compliance observer and its impact on the phenomenon of money laundering

Abstract

The study aimed to demonstrate the independence of the compliance observer described by legislation and laws, and to indicate the impact of the independence of the compliance observer in the financial institution within which he works in drafting his reports submitted to the Central Bank, and to achieve these objectives and measure the extent of independence of the compliance observer and its impact in confronting the phenomenon of money laundering and obtaining data. In the crisis, a questionnaire was designed and distributed to the Compliance Department, the Money Laundering Reporting Department, the Executive Management and the Internal Audit Department for the research sample, and (8) Iraqi governmental and private banks (commercial and Islamic) were selected, and the number of questionnaire forms that were distributed to banks (86) questionnaires, and a questionnaire was (84) questionnaire forms were retrieved, including (80) that fulfilled the conditions of the analysis, and (4) questionnaire forms did not meet the conditions of the analysis, as they were subjected through the ready-made statistical program (spss v.28) to the statistical analysis, and reached the most important results that are not given to the compliance observer Customer data reported by the Reporting Department, not looking at the reports but the Compliance Controller reviewing the activities of the Money Laundering Reporting Department, because the Money Laundering Reporting Department independently