Financial information

Foreign exchange at competitive rates, we strive to become the preferred exchange company for customers, by offering the best foreign exchange rates in the market.

Money laundering

Money laundering is the illegal process of concealing the source of funds generated by illegal activities (such as drug trafficking, corruption, or economic crimes) and converting them into funds that appear legitimate. This process takes place in three main stages:

1- Deposit

At this stage, illegal funds are introduced into the financial system.

This stage includes converting cash into bank deposits or purchasing assets such as real estate and cars.

2-. Camouflage

The goal of this stage is to make it difficult to trace the source of the funds.

This is done by transferring funds between multiple accounts, conducting fictitious business transactions, or investing in countries with strict banking laws.

3-. Integration

The funds are returned to the formal economy to appear legitimate.

The funds are used in investment projects or to purchase legal assets.

Reasons for the danger of money laundering:

economically

It weakens the national economy by reducing the effectiveness of economic policies and increasing inflation.

socially

Funds organized crimes, such as terrorism and human trafficking.

Politically

Threatens the stability of countries by manipulating markets and institutions.

Common examples of money laundering:

  • Creating shell companies to hide illicit funds.
  • Purchasing real estate under false names.
  • Using casinos to launder money through betting.
Contact
aml@bludanexch.com.iq

Compliance

Compliance is adherence to laws, regulations, standards, and policies in place in an organization or industry. Compliance aims to ensure that activities and business are conducted in a legal, ethical, and regulatory-compliant manner.

Types of compliance:

  1. Legal compliance:
    Compliance with national or international laws and regulations, such as taxes and labor laws.
  2. Regulatory compliance:
    Compliance with rules imposed by industry regulators, such as banks or insurance companies.
  3. Internal compliance:
    Compliance with the company’s internal policies and procedures.

The role of compliance in organizations

Promote transparency

Contributes to building a work environment based on integrity.

Risk management

Helps identify challenges before they turn into big problems.

Achieving Sustainability

Ensures business continuity in a legal and responsible manner.

Elements of effective compliance:

  1. Clear Policies: Create written policies and regulations that outline compliance rules.
  2. Training and Awareness: Train employees to understand and implement compliance policies.
  3. Monitoring and Control: Track compliance through monitoring and analysis systems.
  4. Reporting Violations: Provide confidential channels for reporting violations.
  5. Penalties: Implement disciplinary measures against violators.
Contact
cd@bludanexch.com.iq

Financial Control

Financial control is the process of managing and reviewing financial resources to ensure that they are used effectively, legally, and in accordance with established objectives. It aims to promote transparency, reduce waste, and combat corruption by ensuring compliance with financial policies and laws.

Financial Control Objectives:

  1. Ensuring economic efficiency:
    Ensuring maximum utilization of available resources.
  2. Enhancing transparency:
    Detecting any suspicious or illegal financial activities.
  3. Ensuring compliance:
    Ensuring that institutions adhere to financial laws and regulations.
  4. Maintaining financial stability:
    Reducing financial risks and achieving balance in budgets.

The importance of financial control

Anti-corruption

Detect and stop illegal financial activities

Boost confidence

Building trust between institutions and stakeholders (e.g. investors and citizens)

Improve financial performance

Reduce costs and improve cash management efficiency

Types of financial control:

  1. Internal control:
    Practiced within the organization through mechanisms and procedures such as periodic reviews.
  2. External control:
    Is carried out by independent or governmental regulatory bodies, such as national audit bodies.
  3. Ex-ante control:
    Focuses on examining financial activities before they are carried out to ensure their legality.
  4. Ex-post control:
    Involves reviewing and evaluating financial transactions after they have occurred.
Contact
fcd@bludanexch.com.iq