Union Bank of Iraq Signs Strategic Partnership with BDO Iraq

A Major step toward enhancing institutional governance and regulatory compliance
Union Bank of Iraq Signs Strategic Partnership with BDO Iraq to Strengthen Compliance and Anti-Money Laundering Frameworks

Baghdad, May 2025– In a major step toward enhancing institutional governance and regulatory compliance, Union Bank of Iraq has signed a strategic cooperation agreement with BDO Iraq (ATHAR Financial, Accounting, Tax, Consulting & Training), aimed at modernizing the bank’s internal control systems and aligning its compliance practices with global banking standards.
Under this agreement, BDO Iraq will deliver a comprehensive suite of specialized advisory services, including the development of anti-money laundering (AML) and counter-terrorism financing (CTF) policies and procedures, compliance with international sanctions, correspondent banking protocols, foreign remittances, client onboarding frameworks, interactive and continuous staff training, as well as the upgrade of name screening systems and process control.
Speaking on the occasion, Mr. Samer Dababneh, Managing Director of Union Bank of Iraq, stated:
"We view this partnership as a strategic milestone in our journey of institutional development and service expansion. Compliance and governance are no longer optional—they are critical to building customer and investor trust and to creating the right conditions for sustainable growth. We are fully aware of the regulatory challenges facing Iraq’s banking sector and believe that collaborating with a reputable advisory firm like BDO will enable us to elevate our compliance capabilities and adopt international best practices."

He also emphasized that the relationship with BDO Iraq is a direct response to the forward-looking directives of the Central Bank of Iraq and reflects the bank’s proactive approach to keeping pace with global financial market developments. He stated:
“This partnership aims to enable the bank to achieve the highest levels of operational efficiency and to strengthen its capacity in building a comprehensive compliance framework aligned with international governance standards”, and he added “It also reflects our commitment to the evolving regulatory landscape and our determination to enhance compliance systems in line with global best practices. Through this collaboration, we strive to meet increasing supervisory expectations while advancing financial inclusion across Iraq.”

For his part, Dr. Ali Ghalib, Authorized Partner of BDO Iraq, praised Union Bank’s proactive decision to strengthen its internal frameworks despite the complex operating environment:
"We are proud to partner with Union Bank of Iraq, one of the most ambitious institutions in the sector, as it takes serious steps toward establishing a comprehensive compliance system. BDO is committed to supporting this transformation by offering practical, globally informed solutions tailored to the Iraqi context. Our goal is to enable the bank to enhance its regulatory readiness and build policies that meet international standards, thereby boosting its ability to engage with global financial institutions and explore wider opportunities for banking cooperation."

Dr. Ghalib also emphasized that BDO Iraq brings together a specialized team of experts in AML and compliance, and benefits from being part of the BDO Global Network—the world’s fifth-largest professional services network—allowing the firm to provide top-tier compliance and advisory services grounded in both global best practices and local relevance.

Mr. Ali Muften Khafif, Chairman of Union Bank of Iraq, further underlined the strategic importance of the agreement, saying:
"We are working to build a banking environment founded on transparency and institutional discipline. This agreement is a key pillar in our roadmap to enhance governance standards across the bank. It is not merely a regulatory obligation—it is a long-term investment in the bank’s future and the trust of its customers."
The agreement aims to boost the bank’s ability to comply with both local and international regulatory requirements, enabling it to reach new client segments in the Iraqi market through more robust onboarding, screening, and monitoring systems aligned with global standards. It also serves as a model of productive collaboration between Iraq’s banking sector and specialized advisory firms in support of governance reform, financial transparency, and stronger correspondent banking relationships.
Union Bank of Iraq is one of the leading commercial banks in the country, offering a wide range of advanced financial and banking services to individuals and businesses. The bank is committed to global best practices in management and operations, aiming to strengthen its position in both the local and regional markets.

BDO Iraq is a specialized consultancy firm in financial, tax, and accounting training services and a member of the BDO Global Network, which operates in over 165 countries, 1,800 offices and 119,611 employees. The firm offers integrated solutions in auditing, compliance, AML, tax, strategic advisory (management and financial), and internationally accredited training programs further to BSO. It also supports institutional development through ESG-aligned strategies, helping Iraqi organizations raise performance standards in line with international expectations.