More News, Rumors and Opinions Friday Afternoon 10-29-2021
KTFA:
Frank26: "CBI CONTINUES TO EDUCATE".......F26
Generalization of the credit card reader on cash transactions
Monday 25 October 2021 Baghdad: Mustafa Al-Hashemi
The Central Bank adopted new mechanisms in the payments system several years ago, but this system did not achieve the ambitions due to the existence of a financial gap between smart card holders, caused by the incomplete automation process, which led to the continued dependence of citizens on cash withdrawals with financial losses distributed among the owners of ports and exchanges.
The mechanism, which calls for adopting comprehensive solutions represented in circulating the credit card reader to all cash transactions, in a way that encourages dealing with electronic cash.
According to the Central Bank, one of the most important achievements in the payment systems in the Payments Department is the start of work to assess the readiness of the Iraqi payment system, in line with the international standards {PFMIs} of the World Bank to upgrade payment and settlement systems in the country, within the agreement with the World Bank, which deals with payment systems electronics in Iraq.
The achievements were also represented in reforming the mechanism for paying the salaries of employees of institutions and state departments by localizing their salaries to bank accounts, including allocations and benefits, to an electronic system, as well as enhancing the role of payment systems in financial inclusion through digital services provided by banks and electronic payment service providers.
An important dimension in the strategy of the Central Bank, automating work through the use of electronic payment tools and encouraging the use of financial and banking services provided by banks and electronic payment service providers.
The reality of automation and the citizen
The specialist in banking affairs, Adel Al-Nuaimi, stated that, “The smart card system is a global system in which countries work to limit the circulation of cash and encourage their citizens to deal with the electronic payments system in an integrated system, unlike what exists inside Iraq, as it is an imperfect process.”
Al-Naimi explained to “Al-Sabah” that “credit card readers” devices are only available at salary distribution outlets only, while the success of automation requires the dissemination of these devices to all shops, markets, filling stations and every party that deals with “cash”, which would reduce Financial losses, and tangible development on the ground, not just on paper.
interbank market
For his part, the banker, Taha Ammar, said: {The payment system in Iraq needs to review and standardize the ATM reading of all smart cards, not as is the case now that each bank has its own ATM}.
Ammar added to {Al-Sabah}: {The banking reality in the country needs to activate the interbank market to be a platform that establishes an organized electronic financial market that opens and facilitates the way for foreign investment in Iraq on the one hand, and to increase cooperation between banks and improve their ability to diversify financial services to their customers.
On the other hand, attracting commercial and financial operations available in the market. link
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Emailed to Recaps:
Dr. S**** Y****
Revaluation update
Some have been getting their money on the Tier 4a exchanges.
*$2.16 for the dinar
*$6-$7 for the dong
*$0.11 for the Zim notes
Tier 4a are predetermined ministry affiliates. It’s coming for you guys!!
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Courtesy of Dinar Guru
Pimpy Oil price is rising which is what you want. It's now up to $85.72 - help generate more revenue for Iraq which means IMO let's go ahead and restore the old rates at the very least going into this next year.
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Wolverine: Gesara-NESARA
It has began to be implemented as more than 172 countries signed the agreement to move to the quantum financial system, signed by the central banks of each country, not their governments
Former NJ Wells Fargo Adviser Arrested For Stealing Nearly $3 Million From Clients
by Tyler Durden Friday, Oct 29, 2021 - 02:15 PM
More positive press for Wells Fargo! This time it was a now-former adviser for the company who is in the news for allegedly stealing almost $3 million from his clients and using the money for personal expenses and gold coins.
Adviser Kenneth A. Welsh was arrested at his home in River Edge, NJ, Thursday morning, according to Bloomberg.
He was booked on charges of "misappropriat[ing] funds from the accounts of five investors between 2016 and 2021," the report says. His victims are alleged to include some people who were "elderly and financially unsophisticated".
Welsh was fired in June of this year by Wells Fargo when his conduct was discovered, the report says.
He transferred "at least" $2.59 million from client accounts to credit cards of his family members and is accused of also drawing checks on customers accounts. Seven of the more than a dozen checks in question were made out to a New Jersey coin dealer for gold coins, the report said.
He allegedly stole $1.8 million from one single victim who lives in Whitehouse, NJ, the report said. That victim had established a brokerage account with Walsh at his previous business and then followed him to Wells Fargo, Bloomberg noted.
Now, he is facing up to 20 years in prison if convicted. He was freed on bail after making an initial appearance earlier this week before U.S. Magistrate Judge Leda Dunn Wettre.
Welsh is also facing a concurrent civil suit from the Securities and Exchange Commission.
A Wells Fargo spokesperson commented: “At Wells Fargo we hold our employees to the highest ethical standards. We notified regulators of this matter, the financial adviser was terminated, and we are working directly with clients to reimburse them.”