Iraqi News Tuesday AM 9-8-20
Iraqi News Tuesday AM 9-8-20
TLM724 Administrator BondLady’s Corner
Electronic Payment And Information Security Legislation
Tuesday 08th September 2020 28 Ali Mustafa Hassan Many financial and banking institutions and electronic payment companies fail to understand the requirements of PCI DSS legislation, which imposes compliance on any institution dealing with data (processing, storing, transferring) electronic cards with the five global electronic payment companies: DISCOVERY, AMERICAN EXPRESS, VISA, MASTER CARD , JCB.
These institutions may resort to executing companies without a real and basic understanding of the requirements of this certificate, which may exceed 350 technical and administrative controls and cannot be dealt with as a technology project only, causing these companies to delay in achieving compliance requirements.
These international legislations mainly aim to ensure the protection of electronic payment card information and customers from any cyber or physical breach and compliance with the terms and laws of the PCI SSC. It is the independent organization established by the five major companies mentioned above in 2005.
Senior management should consider the PCI DSS project as a Business as Usual and not as an IT Project, and this certificate needs to be maintained annually and from this section, and to support these institutions in understanding the main steps to prepare for this project, a special policy must be issued that is binding by the senior management regarding the implementation and continuity of the project.
To ensure the cooperation and commitment of all departments and individuals and facilitate the work of the competent team, and to identify the project team members by the departments as far as the subject is related to them, on which technical and administrative controls will be applied under the supervision of an information security expert specializing in the field of PCI DSS, as well as activating the procedures for auditing information systems to prepare for the four quarterly reports Annually, which will be submitted to the PCI SSC under the supervision of a certified auditor, and to conduct a PCI-Awareness Program for members of the organization who are in contact with electronic payment cards.
Determine the so-called CDE (Card Holder Data Environment), which will help in determining the limits of the electronic card data path, especially for implementing the controls of this legislation.
This project will require a continuous work team, and it is possible to lose this certificate and to be exposed to fines and penalties by the PCI SSC, so it is preferable to have a special committee and information security consultants can be used to enhance the work of this committee.
The financial sector in Iraq is an emerging sector that needs several years, in order to be able to provide parallel services to what exists in the rest of the neighboring countries, and the higher administrations of electronic payment companies and the banking sector must realize that such legislation does not bear laxity or lack of seriousness, as it relates to the essence of the services provided And whether or not future investment opportunities remain in this emerging sector. LINK
Strategies For Developing Financial Resources In Banks
Tuesday 08th September 2020 22 a. Dr.. Faris Abdullah Al-Janabi
Banks play an important role in the national economy, as they undertake the process of attracting and collecting savings from individuals, institutions, companies and government units, and then providing them for those wishing to invest and finance economic sectors and activities that contribute to achieving the national product and in accordance with controls and instructions central bank.
Types of bank deposits:
4 - General deposits: They are (current, saving, or time deposits belonging to government units) and most government agencies have deposits with commercial banks, and some legislation sets specific limits for these deposits, and these deposits are classified on the basis of deposits according to their duration or movement, deposits according to their ownership, local deposits and deposits. Foreign.
5 - Deposits according to the origin of the deposit: where this type of deposits is divided according to the origin of the deposit into initial deposits, which represent a real deposit of an amount of legal money with commercial banks and the deposit is in the form of cash balances or the deposit of checks, transfers or bills of exchange, and these deposits provide to commercial banks new reserves As for derivative deposits, they are the deposits that arise from the processes of granting acceptance and making financial investments, and they have a positive relationship with the initial deposit, as they rise with their increase and decrease With its drop.
6 - Deposits frozen for specific purposes: They are (amounts paid by the customer in the field of foreign trade as a guarantee for the bank to issue the letter of guarantee, based on requests) for the issuance of a letter of guarantee, which is usually not returned until after the bank’s letter of guarantee is returned after the purpose of its issuance has ended.
It seems that with the increase in economic activity and its growth, it usually corresponds to the process of returning some insurance and other insurance returns, which means (increasing the volume of deposits or at least their stability), which means the need for a sound banking policy to employ them in line with the goal of profitability.
Justifications for weak attracting bank deposits:
1- Weakness of the citizen’s confidence in the bank’s monetary policies. One of the manifestations of mistrust is the instability of monetary policies in the context of the pursuit of achieving the goals set for economic policies, which are unstable.
2 - Weak banking awareness: Among the forms of weak banking awareness is the weakness of dealing with checks and keeping the sums outside banks, as there are (46) billion of the cash volume that is outside banking transactions.
3 - Weak return on deposits: as attracting deposits depends mainly on the amount of return that can be obtained, as the owners of large deposits choose between investing their savings directly or depositing them in banks, and the decision in this is the amount of the return or the profit margin.
4 - Competition between banks to acquire deposits: this competition can be through the nature of the service provided or by transferring the deposit from one bank to another.
5- Weakness of banking service distribution systems: that is, the limited spread of branches in rural areas Special .
6 - Seasonal fluctuations: such as the agricultural sector, especially for regions whose activities are concentrated from divergent geographical areas and have economic activity, such as the agricultural sector, where possible seasonal fluctuations may occur.
7 - Failure to comply with the application of (Basel) standards for banking supervision, which results from failure to adhere to the occurrence of situations outside the bank’s control, including poor capital adequacy, poor loan repayment process, bank default and insolvency in the payments of depositors ’dues, which requires tightening supervision of banks by the Central Bank And to encourage a merger with each other and raise bank capital as appropriate Its size. LINK
The Presidency Of Parliament Receives A Request To Host Three Ministers
Pratha News Agency55 2020-09-08 The deputy of the Sairun parliamentary bloc, Badr Al-Ziyadi, announced, on Tuesday, that deputies from his bloc had submitted a request to the Presidency of Parliament to host three ministers in the government of Mustafa Al-Kazemi.
Al-Ziyadi said in a statement that "MPs from the Saeron parliamentary bloc submitted a request to the Presidency of Parliament for the purpose of hosting three ministers inside the parliament to clarify some matters related to their ministries."
He added that his bloc "is awaiting a response to the request submitted to the presidency, so that after that, the names of the ministers will be officially revealed."
Al-Ziyadi added that the hosting request "came after gathering information about the ministers through the parliamentary committees within which the bloc’s representatives work."
http://burathanews.com/arabic/news/376139
Integrity: 50 Billion Dollars Were Identified As Contraband Before 2003
Pratha News Agency177 2020-09-08 The Integrity Commission has allocated amounts of up to 50 billion dollars that were smuggled out of Iraq before the year 2003 by the men of the former regime, or they are already in a number of countries.
The Director of the Recovery Department at the Integrity Commission, Muhammad Ali Muften, said in a press statement, “Among the important and complex files that the department is working on after the year 2003 are the files of recovering the convicts and the smuggled Iraqi funds, whether they were smuggled during the era of the former regime, or that were smuggled after the events of the year. The aforementioned, due to administrative and financial corruption operations. "
He added that "the public funds that were outside Iraq before 2003 that the department allocated ranged between (40-50) billion dollars, and there are attempts to return it, especially after the creation of a detailed database of Iraqi funds deposited abroad before 2003, in a precedent that is the first in Iraq to organize such a base. Provides all information on those funds. "
In response to the nature of the department’s procedures for recovering convicted persons and smuggled assets, Muften explained that “the recovery department has sought, since it started its work in 2014, to build international relations and prepare databases for smuggled funds and the countries in which they are likely to exist and are considered safe havens for proceeds of corruption.
He indicated that investigating the money smuggled from inside Iraq, the places of its deposit in the countries to which it was smuggled, and the manner of its smuggling have been activated, in addition to submitting requests for legal aid based on the United Nations Convention against Corruption and regional and bilateral agreements in order to seize these funds in preparation for their recovery.
http://burathanews.com/arabic/news/376119
Mr. Ammar Al-Hakim, To The US Ambassador: Iraq Is Qualified To Play A Role In Calming The Region And Bringing The Litigants Closer
Time: 09/08/2020 15:37:24 Read: 1,391 times
(Baghdad: Al Furat News) The head of the Iraqi coalition, Mr. Ammar al-Hakim, confirmed, on Tuesday, to the US ambassador in Baghdad, that Iraq is qualified to play a role in calming the region and bringing the adversaries closer.
Mr. Al-Hakim said in a statement on the sidelines of his meeting with the US ambassador to Iraq Matthew Toller, "We discussed bilateral relations between Baghdad and Washington and ways to strengthen them in the interest of the two countries," stressing that "Iraq seeks to maintain balanced relations between its regional surroundings and the countries of the world based on the national interest and the preservation of Iraqi sovereignty." ".
Mr. Al-Hakim added, "We called for economic relations between Baghdad and Washington and to invest in the promising opportunities offered by Iraq in this field," explaining that "we stressed the importance of scientific cooperation and the exchange of experiences in the fields of missions and universities."
Al-Hakim added, "We emphasized the importance and role of Iraq in the regional system and showed that Iraq, by virtue of its location, diversity and historical depth, is qualified to play the roles of appeasement in the region and bridging views between the adversaries." LINK
Now .. The Parliament Is Hosting The Ministers Of Finance And Planning
Time: 09/08/2020 15:32:50 Read: 1,469 times {Baghdad: Al Furat News} The House of Representatives hosted Finance Minister Ali Allawi and Planning Minister Najm Battal.
The meeting’s agenda includes directing an oral question directed by the deputy (Muhammad Sahib Al-Darraji) to Ministers LINK
The Stock Exchange Ends A Positive Streak
Market Economy News – Baghdad The stock market index ended its series of gains this week.
The index fell by 0.33% in Tuesday's session. Nine stocks contributed to the index losers, led by the Bank of Baghdad by 4.55% and the modern tailoring shares by 3.68%.
Tuesday's session witnessed an increase in the value of shares of only one company, Al-Kindi Company for Vaccines Production, by 1.39%.
And 1.2 billion shares were traded at a value of 896.4 million dinars.
Foreign investors sold 640 million shares at a value of 271 million dinars.
Number of observations 83 Date added 09/08/2020 https://economy-news.net/content.php?id=21773
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