The Ledger
What the Central Bank refused
From January 2013 to February 2015 the Central Bank's committee turned down $24.6 billion of the banks' requests for dollars, 27% of what they asked for in 2013. The committee wrote down the reason for each refusal in its daily minutes. This page shows those reasons as they were written.
Year by year
| Year | Banks asked for | Committee refused | Share |
|---|---|---|---|
| 2012 | $270.2 million | $0.2 million | 0% |
| 2013 | $64.58 billion | $17.70 billion | 27% |
| 2014 | $40.94 billion | $5.97 billion | 15% |
| 2015(January to February) | $2.19 billion | $889.6 million | 41% |
Source: The Central Bank committee's daily minutes; rows that pass the arithmetic checks onlyTier A
The reasons the committee wrote down
A single refusal can carry more than one reason, so the amounts here add up to more than the total refused. 9.9% of the reasons cannot be read in the surviving scans.
- Held back for audit$8.08 billion
- Other reasons$5.33 billion
- Missing or faulty documents$3.46 billion
- No reason given, or unreadable$2.83 billion
- Penalty on, or suspension of, the bank$2.58 billion
- Bank's funds did not cover the request$1.66 billion
- The same customer at more than one bank$1.55 billion
- Withdrawn at the bank's request$1.27 billion
- Customer in breach of anti-money-laundering rules$1.06 billion
- Problem with the import licence$880.4 million
- Names or details do not match$849.5 million
- Company's activity does not match the goods$345 million
- Bank below the capital requirement$335.2 million
- The bank's whole request excluded$328.7 million
- Old or invalid invoice$322.6 million
- Timing or procedure$312.9 million
- Duplicate or reused invoice$200.1 million
- Ministry of Trade letter$59.6 million
- Licence issued in the Kurdistan Region$28.9 million
Every refusal, as written
Largest first. Company names are given as the committee wrote them. They are not accusations.
185 rows
| Date | Bank | Refused | Of a request for | Reason | The committee's words |
|---|---|---|---|---|---|
| 27 February 2014 | Region Trade Bank (RTB, formerly Emerald Bank) | $15.9 million | $15.9 million | Customer in breach of anti-money-laundering rules | توقيع الاقرار من قبل مراقب الامتثال بدلا ن مدير متابعة غسل الاموال |
| 28 January 2013 | United Bank for Investment (UBI) | $14.8 million | $19.4 million | Customer in breach of anti-money-laundering rules | عدم التزام الزبون بتعيمات غسيل الاموال |
| 29 January 2013 | Gulf Commercial Bank | $13 million | $13 million | Customer in breach of anti-money-laundering rules | لمخالفة الزبون لتطيمات غسيل الاموال |
| 11 March 2013 | Investment Bank of Iraq | $12 million | $16.8 million | Customer in breach of anti-money-laundering rules; Problem with the import licence | 1- وجود زبون مخالف لتعليمات غسيل الاموال 2-تاريخ الاجازة قديم |
| 10 March 2014 | Commercial Bank of Iraq | $11.9 million | $11.9 million | Customer in breach of anti-money-laundering rules | مخالف لتعليمات 588 في 2014/02/06 |
| 24 February 2013 | Cihan Bank for Islamic Investment & Finance | $11.8 million | $11.8 million | Customer in breach of anti-money-laundering rules | وجود زبون مخالف لتعليمات غسيل الاموال |
| 16 January 2013 | Al-Bilad Islamic Bank for Investment & Finance | $11.4 million | $11.4 million | Customer in breach of anti-money-laundering rules | وجود زبون غير ملتزم بتعليمات غسيل الاموال |
| 15 March 2014 | Iraqi Islamic Bank for Investment & Development | $11.2 million | $14.8 million | Customer in breach of anti-money-laundering rules; The bank's whole request excluded; Bank's funds did not cover the request | استبعاد حصة المصرف وشركاته لان ايداع قيد RTGS ى 2014/03/11 مخالف لتعليمات 588 فم 2014/02/06 باصتثناء الشركات التى كانت تتعامل تاريخه ولهذا الاسبوع فقط |
| 11 February 2013 | Gulf Commercial Bank | $11.2 million | $11.2 million | Customer in breach of anti-money-laundering rules | وجود زبونين مخالفين لتعليمات غسيل الاموال |
| 14 February 2013 | Iraqi Islamic Bank for Investment & Development | $10.7 million | $10.7 million | Customer in breach of anti-money-laundering rules | لوجود زبون مخالف لتعليمات غسيل الاموال |
| 17 February 2013 | Iraqi Islamic Bank for Investment & Development | $10.6 million | $10.6 million | Customer in breach of anti-money-laundering rules | لوجود زبون مخالف لتعليمات غسيل الاموال |
| 25 February 2013 | International Development Bank (IDB) | $10.5 million | $11.1 million | Customer in breach of anti-money-laundering rules | لتعليمات غسيل الاموال |
| 17 February 2013 | Dijlah & Furat Bank for Development & Investment | $10.4 million | $10.4 million | Customer in breach of anti-money-laundering rules | لوجود زبون مخالف لتعليمات غسيل الاموال |
| 3 March 2013 | Sumer Commercial Bank | $10.4 million | $10.4 million | Customer in breach of anti-money-laundering rules | وجود زبون مخالف لتعليمات غسيل الاموال |
| 24 February 2013 | North Bank for Finance & Investment | $10.3 million | $10.3 million | Customer in breach of anti-money-laundering rules | وجود زبون مخالف لتعليمات غسيل الاموال |
| 10 March 2013 | North Bank for Finance & Investment | $10.3 million | $14.3 million | Customer in breach of anti-money-laundering rules | وجود زبون مخالف لتعليمات غسيل الاموال |
| 5 March 2013 | Kurdistan International Islamic Bank for Investment & Development | $10.3 million | $10.3 million | Customer in breach of anti-money-laundering rules | وجود زبون مخالف لتعليمات غسيل الاموال |
| 5 March 2013 | Gulf Commercial Bank | $10.3 million | $10.3 million | Customer in breach of anti-money-laundering rules | وجود زبون مخالف لتعليمات غسيل الاموال |
| 27 February 2013 | Investment Bank of Iraq | $10.2 million | $10.2 million | Customer in breach of anti-money-laundering rules | وجود زبون مخالف لتعليمات غسيل الاموال |
| 13 February 2013 | Iraqi Islamic Bank for Investment & Development | $10.1 million | $10.1 million | Customer in breach of anti-money-laundering rules | لوجود زبون مخالف لتعليمات غسيل الاموال |
| 4 March 2013 | Kurdistan International Islamic Bank for Investment & Development | $10 million | $10 million | Customer in breach of anti-money-laundering rules | وجود زبون مخالف لتعليمات غسيل الاموال |
| undated | Commercial Bank of Iraq | $10 million | $10 million | Customer in breach of anti-money-laundering rules; Names or details do not match; Penalty on, or suspension of, the bank | الاختلاف اسم مخول وحدة غسل الأموال سب مذكرة السيرفة 6924 قم |
| 11 February 2013 | National Bank of Iraq (NBI) | $10 million | $10.9 million | Customer in breach of anti-money-laundering rules | وجود زبائن مخالفين لتعليمات غسيل الاموال |
| 4 March 2013 | Sumer Commercial Bank | $10 million | $10 million | Customer in breach of anti-money-laundering rules | وجود زبون مخالف لتعليمات غسيل الاموال |
| 3 March 2013 | Gulf Commercial Bank | $9.8 million | $9.8 million | Customer in breach of anti-money-laundering rules | وجود زبون مخالف لتعليمات غسيل الاموال |
| 13 February 2013 | Al-Huda Bank | $9.8 million | $10.7 million | Customer in breach of anti-money-laundering rules | وجودزبون مخالف لتعليمات غسيل الاموال |
| 25 February 2013 | Dijlah & Furat Bank for Development & Investment | $9.7 million | $12.2 million | Customer in breach of anti-money-laundering rules | لتعليمات غسيل الاموال |
| 19 February 2013 | Kurdistan International Islamic Bank for Investment & Development | $9.7 million | $9.7 million | Customer in breach of anti-money-laundering rules; Missing or faulty documents | لوجود زبون مخالف لتعليمات غسيل الاموال وجود فاتورة منتهية المدة 2-عدم وجود رقم |
| 5 March 2013 | Babylon Bank | $9.6 million | $9.6 million | Customer in breach of anti-money-laundering rules | وجود زبون مخالف لتعليمات غسيل الاموال |
| 25 February 2013 | Cihan Bank for Islamic Investment & Finance | $9.4 million | $9.4 million | Customer in breach of anti-money-laundering rules | وجود زبون مخالف لتعليمات غسيل الاموال |
| 24 February 2013 | Sumer Commercial Bank | $9.3 million | $10.6 million | Customer in breach of anti-money-laundering rules | وجود زبون مخالف لتعليمات غسيل الاموال |
| 28 February 2013 | North Bank for Finance & Investment | $9.2 million | $9.2 million | Customer in breach of anti-money-laundering rules | وجود زبون مخالف لتعليمات غسيل الاموال |
| 11 March 2013 | Commercial Bank of Iraq | $9.2 million | $9.2 million | Customer in breach of anti-money-laundering rules; Held back for audit | 1- وجود زبون مخالف لتعليمات غسيل الاموال 2-لاغراض تدقيقية برقم وتاريخ الفاتورة |
| 7 February 2013 | Al-Bilad Islamic Bank for Investment & Finance | $9.1 million | $9.1 million | Customer in breach of anti-money-laundering rules | لوجود زبونين مخالفين لتعليمات غسيل الاموال |
| 3 March 2013 | North Bank for Finance & Investment | $9.1 million | $9.1 million | Customer in breach of anti-money-laundering rules; Missing or faulty documents | وجود زبون مخالف لتعليمات غسيل الاموال 1-حسب القوائم المرفقة 2-لعدم ورود الطلب |
| 24 February 2013 | Babylon Bank | $9 million | $9 million | Customer in breach of anti-money-laundering rules | وجود زبون مخالف لتعليمات غسيل الاموال |
| 28 February 2013 | Gulf Commercial Bank | $9 million | $14.4 million | Customer in breach of anti-money-laundering rules | وجود زبون مخالف لتعليمات غسيل الاموال |
| 20 February 2013 | Union Bank of Iraq | $8.9 million | $12.9 million | Customer in breach of anti-money-laundering rules | وجود زبون مخالف لتعليمات غسيل الاموال |
| 27 February 2013 | Gulf Commercial Bank | $8.9 million | $8.9 million | Customer in breach of anti-money-laundering rules | وجود زبون مخالف لتعليمات غسيل الاموال |
| 14 February 2013 | Investment Bank of Iraq | $8.7 million | $11.6 million | Customer in breach of anti-money-laundering rules | لوجود زبون مخالف لتعليمات غسيل الاموال |
| 14 August 2014 | Al-Bilad Islamic Bank for Investment & Finance | $8.6 million | $8.6 million | Customer in breach of anti-money-laundering rules | حوالة والنقد لكون مدير مكافحة غسل الاموال ل تم الموافقة عليه من قبل الصيرفة والانتمار |
| 27 February 2013 | National Islamic Bank | $8.6 million | $10.6 million | Customer in breach of anti-money-laundering rules | وجود زبون مخالف لتعليمات غسيل الاموال |
| 26 February 2013 | National Islamic Bank | $8.5 million | $10.5 million | Customer in breach of anti-money-laundering rules | وجود زبون مخالف لتعليمات غسيل الاموال 1-وجود زبون مخالف لتعليمات غسيل الاموال |
| 24 February 2013 | National Islamic Bank | $8.5 million | $10.8 million | Customer in breach of anti-money-laundering rules; Company's activity does not match the goods; Names or details do not match | 2-اختلاف البضاعة المستوردة عن نشاط الشركة 1-وجود زبون مخالف لتعليمات غسيل الاموال |
| 18 February 2013 | Kurdistan International Islamic Bank for Investment & Development | $8.4 million | $8.4 million | Customer in breach of anti-money-laundering rules | لوجود زبون مخالف لتعليمات غسيل الاموال |
| 7 March 2013 | Investment Bank of Iraq | $8.4 million | $10.2 million | Customer in breach of anti-money-laundering rules | وجود زبون مخالف لتعليمات غسيل الاموال |
| 25 February 2013 | Iraqi Islamic Bank for Investment & Development | $8.4 million | $8.4 million | Customer in breach of anti-money-laundering rules | وجود زبون مخالف لتعليمات غسيل الاموال |
| 4 March 2013 | Investment Bank of Iraq | $8.3 million | $14.4 million | Customer in breach of anti-money-laundering rules | وجود زبون مخالف لتعليمات غسيل الاموال |
| 27 February 2013 | Kurdistan International Islamic Bank for Investment & Development | $8.3 million | $12.3 million | Customer in breach of anti-money-laundering rules | وجود زبون مخالف لتعليمات غسيل الاموال |
| 14 February 2013 | Sumer Commercial Bank | $8.3 million | $9.2 million | Customer in breach of anti-money-laundering rules | 1-توقيع المخول قديم 2-لوجود زبون مخالف لتعليمات غسيل الاموال |
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Download:refusals.csv.xlsx
Company names in the Central Bank's notes are shown as the bank wrote them. They are not accusations. If a bank appears on this page, it means only that the committee refused part of its request on that day.