The Central Bank of Iraq creates an electronic platform to manage complaints from clients of financial institutions
The Central Bank of Iraq (Financial Inclusion Department) announced on Wednesday the establishment of an electronic platform to manage complaints from clients of financial institutions.
The bank stated in a statement received by Shafaq News Agency that it “seeks to automate the work of the financial sector to reduce reputational risks and enhance trust between all financial institutions and the public. In this regard, it has created an electronic platform for managing complaints, the work of which is summarized in automating the financial institutions’ receipt of public complaints via the complaint form link, and managing their processing under the supervision of the Central Bank.”
He explained that “the response period for a complaint filed against financial institutions on the platform takes between one and five working days, determined by the Central Bank of Iraq through the system for each complaint based on its nature and the importance of processing it. If financial institutions do not respond to the complaint directed to them through the system within the specified time, a fine of (100,000 Iraqi dinars) will be imposed for each complaint for each day of delay.”
He explained that “this came in order to develop the performance of institutional work and simplify government procedures by shifting to digital transactions, and for regulatory objectives that are consistent with the Central Bank of Iraq Law No. (56) of 2004, as the sectoral body supervising the work of all licensed financial institutions, and in view of the continuous development witnessed by the electronic financial industry, and its great importance in achieving economic growth, financial stability and enhancing levels of financial inclusion.”
shafaq.com