CENTRAL MONETARY AND PAYMENTS OFFICE
Tasks of the Directorates Of The Central Monetary And Payments Office
A monetary policy that achieves monetary and financial stability, which contributes to achieving economic and social development in the Autonomous Administration areas.
(Co-chairmanship of the office)
The joint presidency is appointed by the General Council based on the recommendation of the Finance Authority for North and East Syria.
The joint presidency carries out the following tasks:
- The joint presidency of the office shall be the executive management of the Cash and Payments Office, which is responsible for the daily work of the office.
- The joint presidency is responsible before the Board of Directors for implementing its decisions, and for directing and monitoring the management and operations of the office.
- All powers not specifically assigned to the Board of Directors, and it has the right to take all required or recommended actions for the management or operations of the office.
- Entering into contractual obligations on behalf of the office with the approval of the Board of Directors.
- Approval of the appointment of employees, agents and correspondents in the office based on the recommendation of the vice presidents and directorates of the directorates.
- Representing the office in general.
- Delegate some powers to other employees with the approval of the Board of Directors.
- In the event of the absence of the Joint Presidency or its inability to carry out its duties for any other reason, the Deputy Joint Presidency for Payments Systems will replace it, and in the event of his absence, he will move to the Deputy Joint Presidency for Control and Systems, and he will be considered the CEO of the office.
(Vice President for Payment Systems and Banking Operations)
The Deputy Co-Presidency for Payment Systems shall be responsible to the Bureau, and after consultation with the Co-Presidency shall have the powers to take enforcement measures with regard to the development and control of payment systems owned and managed by the Monetary Bureau or those owned and managed by payment service providers from banks and non-banks from other banking institutions, and his duties include:
- Chairs the meetings of the Board of Directors in the absence of the co-chairmanship.
- Achieving the elements of efficiency and security in payment systems.
- Work to minimize payment risk.
- Contribute to the development and modernization of the infrastructure of payment systems and raise the level of security in them to facilitate the provision and introduction of various and modern electronic services in a way that contributes to achieving financial inclusion in all areas of the Autonomous Administration of North and East Syria and ensuring easy, safe and fair access to all segments of society for various financial and electronic services, especially marginalized and poor groups in remote and remote areas in order to benefit from banking and financial services and achieve easy and fair access to them.
- Contribute to strengthening the legal framework for payment systems managed by the Monetary Office to keep pace with the development of the comprehensive legal environment to cover all modern payment systems and provide the legal framework governing their work.
- Contribute to the implementation of the strategies and general objectives of the Monetary Office in achieving financial and monetary stability in a way that leads to achieving economic growth and welfare in the areas of the Autonomous Administration of North and East Syria.
- Contribute to leading the change, development and modernization management processes for payment systems development projects in the Autonomous Administration areas of North and East Syria by playing the role of catalyst and encourager.
- Commitment to the application of international standards and best practices that govern the operation of payment and settlement systems by adhering to the principles of financial markets and important payment systems issued by the Bank for International Settlements, the World Bank and ISCO.
- Contribute to the preparation of instructions, policies, procedures and special circulars that regulate the work of electronic payment systems, their application, follow-up implementation and compliance by all members of the national payment systems.
- Representing the Office in internal and external meetings related to payment systems with the authorization of the co-chair.
- Carry out all the work entrusted to him by the co-presidency.
(Vice Presidency for Control and Regulation)
The Deputy Joint Presidency for Control and Organization shall be responsible to it, and after consultation with the Co-Presidency, he shall have the powers to take the measures and procedures to be taken in the affairs of control and organization of operations in the Office provided for in the Law of the Monetary Office or other laws, and his duties include:
- He shall chair the meetings of the Board of Directors in the absence of the co-chairmanship and the Vice-Chair for Payment Systems.
- Be directly responsible for the control and organization systems in the office, reviewing its reports and evaluating its performance.
- Contribute to achieving the objectives of the Monetary Office of achieving the stability of the banking system in the areas of self-administration.
- Take all required measures and procedures in the field of control and regulation after consultation with the Co-Presidency.
- Representing the Office in internal and external meetings related to the field of control and organization with the authorization of the co-presidency.
- Carry out all the work entrusted to him by the co-presidency.
(Office of the Co-Presidency, Secretariat and Archive)
Main tasks:
- Supervising the organization of communications and incoming and outgoing mail to the Presidential Office and following it up with the concerned authorities.
- Receive the topics presented to the co-presidency and ensure that they meet the data, information and documents.
- Arranging meetings in general, periodic and non-periodic meetings, and writing minutes of meetings.
- Daily follow-up of circulars, decisions and new legislation related to the office.
- Receive various complaints and observations by phone and in writing and present them to the co-chairmanship.
- Keep all records duly and follow up their archiving.
- Coordinate meetings and meetings of the co-chairmanship.
(Directorates of Payment Systems and Banking Operations)
Executive tasks of the directorates of payment systems:
The executive functions of the Payment Systems Directorates are as follows:
1. Managing and organizing the relationship with the clients of the Monetary Office (from banks and government and public institutions) who are permitted by laws, regulations and instructions to open accounts with them in different currencies.
2. Managing and supervising the work of cheque clearing houses in the country and organizing work through them in the future.
3. Keeping, managing and controlling the accounts of cash office clients.
4. Settlement of payment orders for customer accounts through the banking system or any other system that is developed.
5. Settlement of the results of liquidation systems in customer accounts through the system.
6. Managing the central payment system dedicated to the settlement of payment orders and the results of liquidation systems
7. Work on the application of international standards, the most important of which is the Financial Market Infrastructure ( PFMI) principles issued by the Payment and Settlement Committee of the Bank for International Settlements with the aim of applying the best international practices recognized to the systems it operates and manages.
8. Supervise, manage and control the payment, clearing and settlement systems operating under its management to ensure the safety and efficiency of its work.
9. Work on the development of operating systems and manage the process of periodic update and the development of any payment systems it deems necessary and serve the public interest.
10. Setting practical and professional procedures and controls and preparing the technical and technical requirements necessary to develop the infrastructure of payment systems to ensure the achievement of the elements of efficiency and security in money transfer operations through these systems managed by them to instill confidence and demand for their use by the public.
Directorates of Payment Systems:
1. Directorate of Systems, Policies and Procedures.
2. Directorate of Banking Operations, Clearing and Settlements.
3. Directorate of Supervision of Payment Systems and Preparation of Reports.
(Directorates of Payment Systems and Banking Operations)
Executive tasks of the directorates of payment systems:
The executive functions of the Payment Systems Directorates are as follows:
1. Managing and organizing the relationship with the clients of the Monetary Office (from banks and government and public institutions) who are permitted by laws, regulations and instructions to open accounts with them in different currencies.
2. Managing and supervising the work of cheque clearing houses in the country and organizing work through them in the future.
3. Keeping, managing and controlling the accounts of cash office clients.
4. Settlement of payment orders for customer accounts through the banking system or any other system that is developed.
5. Settlement of the results of liquidation systems in customer accounts through the system.
6. Managing the central payment system dedicated to the settlement of payment orders and the results of liquidation systems
7. Work on the application of international standards, the most important of which is the Financial Market Infrastructure ( PFMI) principles issued by the Payment and Settlement Committee of the Bank for International Settlements with the aim of applying the best international practices recognized to the systems it operates and manages.
8. Supervise, manage and control the payment, clearing and settlement systems operating under its management to ensure the safety and efficiency of its work.
9. Work on the development of operating systems and manage the process of periodic update and the development of any payment systems it deems necessary and serve the public interest.
10. Setting practical and professional procedures and controls and preparing the technical and technical requirements necessary to develop the infrastructure of payment systems to ensure the achievement of the elements of efficiency and security in money transfer operations through these systems managed by them to instill confidence and demand for their use by the public.
Directorates of Payment Systems:
1. Directorate of Systems, Policies and Procedures.
2. Directorate of Banking Operations, Clearing and Settlements.
3. Directorate of Supervision of Payment Systems and Preparation of Reports.
First : Directorate of Systems, Policies and Procedures
Objectives of the Directorate:
Enhancing financial stability by managing the relationship between the Monetary Office and its customers in payment systems, following up on facilitating the mechanisms of entry and use of systems and their performance, supervising the smoothness and sustainability of the flow of all cash transfers, stabilizing banking and government operations, reducing liquidity and credit risks through the tools available in the systems, management and supervision of the systems operating in the Monetary Office and providing them with operational support in accordance with the policies and instructions of the Monetary Office.
Contribute to achieving financial stability by setting the necessary controls to manage all risks resulting from the implementation of payment operations to ensure the availability of systems that operate safely and effectively, monitor their work, supervise their performance, intervene if necessary, and work to prepare, review and develop all policies, procedures, instructions and agreements, and develop the mechanisms required to reduce risks and ensure the continuity of the work of payment systems managed by or associated with the Monetary Office, and provide recommendations for various payment systems not managed by the Office Cash in line with international best practices in the field of payment and settlement systems to ensure the implementation of the Basic Principles of Payment Systems issued by the Bank for International Settlements, the directives of the World Bank and the International Monetary Fund and the strategies of the Monetary Office.
• Main tasks of the Directorate with regard to (Payment Systems Management and Operation Section):
1. Monitoring the work of the systems: Monitoring the work of all systems managed by the Monetary Office and ensuring that all operations implemented through them comply with the instructions and policies of the Monetary Office.
2. Systems management: Ensure that the settings and agreements registered in all systems and their operating dates are compatible with the policies of the Monetary Office and update them when required to ensure the continuity and continuity of their work.
3. Supervising and managing the holding of clearing sessions: Supervising the holding and management of clearing sessions, contributing to the determination of procedures and instructions regulating them, ensuring that all members comply with the instructions issued by them, and adjudicating the fundamental differences between the member banks in the clearing in accordance with the laws, banking legislation and instructions in force.
4. Providing support to members in the systems managed by the Cash Office in terms of operations and following up the implementation of the Information Technology Department with regard to providing technical support to members in payment systems and facilitating their access to the systems .
5. Reduce settlement risk: Reduce liquidity and credit risk by using the liquidity management methods available in the systems and auditing the resulting operations.
6. Follow-up calculation of fees, commissions and statutory fines: Calculating fees, commissions and statutory fines resulting from membership in payment systems managed by the Monetary Office.
7. Communication and follow-up: Carry out communication and follow-up operations with all members of the payment systems managed by the Monetary Bureau regarding the risks resulting from their operations in the systems.
8. Identify and secure the training needs of the directorate's employees in coordination with the deputy joint presidency and the Human Resources Department.
9. Participate and contribute effectively to the development of practical requirements for the systems in which the work will be introduced, their compatibility, and the possibility of compatibility and integration of their work with the systems operating in the Directorate.
10. Develop the training needs and annual plans of the directorate's employees.
• Main tasks of the Directorate with regard to (Policies and Procedures Section):
1. Implementation of PMO strategies: Contribute to the implementation of PMA's strategy in enhancing financial stability, through the implementation of reform plans and development of payment systems approved by PMO to ensure its effective and efficient operation.
2. Seeking to apply the core principles of financial markets issued by the Bank for International Settlements (PFMI): Contribute to the implementation of the core principles issued by the Bank for International Settlements related to payment systems, and develop relevant operational plans to implement this to ensure consistency with international practices in the field of payment and settlement systems.
3. Organization of work among members: updating and organizing internal work procedures and work procedures of systems directed to all members of the system, drawing up and preparing policies, instructions, agreements, conditions and type of membership in payment systems managed by the Monetary Office, and preparing circulars issued by the Directorate as required by the interest and requirements of work.
4. Take measures aimed at reducing operational risks: Work on preparing and managing business continuity plans, reviewing the work procedures of the internal departments and the systems of powers in the directorate, and submitting recommendations thereon to the deputy co-presidency on an ongoing and periodic basis.
5. Providing support to members in payment systems: Providing business-related support to all members in the systems managed by the Cash Office from the operational aspects, and following up with the Information Technology Department regarding the provision of technical support and its continuity at all times for all members of the system.
6. Managing the modernization of payment systems managed by the Monetary Office: Preparing the necessary modernization plans and leading the efforts to implement the process of managing and updating payment systems managed by the Monetary Office, identifying work teams, developing internal inspection plans, managing and following up on pilot testing operations with all members before officially launching them on the actual environment to avoid reputational risks.
7. Preparing the annual plans of the department: Preparing development plans in cooperation with the various directorates, adopting priorities in their implementation within the institutional framework and monitoring their implementation.
8. Preparation of the estimated budget: Responsibility for preparing the estimated budget of the Directorate in cooperation with other directorates and the other co-presidency and in accordance with the requirements of the Directorate.
9. Develop recommendations, proposals and studies for the development of payment systems: Follow up on the latest regional and international developments in the field of payment and settlement systems issued by international institutions concerned with payment systems such as the World Bank, the International Monetary Fund and others, and develop the necessary perceptions to keep pace with them and the possibility of introducing them to local payment systems, and prepare the required studies and the necessary perception by the Directorate to introduce any modern payment methods that the Monetary Bureau Department decides to introduce work in.
10. Business continuity plan: Follow up on business continuity events, update the plan, implement periodic examinations and prepare event reports in line with the conditions and requirements of operational functions within the directorate to ensure the effectiveness of the implementation of the plan and the continuation of highly sensitive operations within alternative working conditions.
11. Follow-up technical support for payment systems: Providing technical support to all systems to ensure the management of user names in terms of creation, activation and cancellation, granting access to systems, and linking user names to the agreements available in the systems.
Second : Directorate of Banking Operations, Clearing and Settlements
• Tasks of the Directorate
Achieving financial and monetary stability through the implementation of banking operations of the Monetary Office and government institutions, their settlement, proper accounting registration for them, ensuring the safety of the accounts of the Monetary Office opened with its correspondents in accordance with the instructions and policies issued by it, and providing operational support to all members of the payment systems managed by the Emergency Monetary Office, which contributes to the stability and smoothness of its banking operations in accordance with the policies and instructions of the Central Monetary Office and Payments.
b. Tasks of the Directorate of Banking Operations, Clearing and Settlements with regard to (Banking Operations Section):
1. Executing all operations, including the banking and government operations of the Monetary Office in the transfer system as a member of the system: through the implementation of internal bank settlements and transfers issued and received by the members of the system and the Monetary and Payment Office in its capacity as a member of the system.
2. Executing the operations of retail clearing systems managed by the Monetary Office, implementing the results of operational clearing operations, following up on their settlement and recording through the system.
3. Work as an agent for banks and members of the systems: Carrying out the operational operations of deducting interest, commissions, fines, fees and treasury operations from the accounts of the member banks of the system in his capacity as an agent for cash settlement and carrying out banking operations on behalf of the members of the system in emergency situations based on the authorization of the member who faces problems in accessing the system and after the prior approval of the Monetary Office.
4. .Executing bank transfers with cash office correspondents: Executing external financial transfers with cash office correspondents using the approved messaging system.
5. Implementation of accounting entry operations: Recording all accounting operations related to the monetary office's banking operations and instructions in the accounting system in accordance with the approved accounting standards.
6. Implementation of accounting matches: matching accounts for all members of the system and the accounts of the cash office with its correspondents, conducting accounting adjustments, opening verification files, following up on their completion and closing them
7. Calculation of fees, commissions and fines: Calculating fees, commissions and fines incurred by all members in the payment systems managed by the Monetary Office.
8. Follow up the implementation of transfers between the branches of the Central Monetary Office and the headquarters.
9. Follow up the liquidity in the branches and enhance liquidity through coordination with the treasury according to the work procedures followed internally.
10. Preparing daily and monthly reports on the movement of liquidity and balances at the branches and matching them with the treasury at the headquarters .
"The Directorate is responsible for establishing and developing cheque clearing services and is directly responsible for supervising all clearing operations in retail payment systems and is responsible for developing their performance and ensuring the implementation of bank reconciliation operations. Exchange of clearing results between the members of the clearing house and follow-up clearing and special settlements in the regions of northern and eastern Syria, in line with the objectives of the Central Monetary Office.
Tasks of the Main Cheque Clearing House Section
• Issuing technical and security specifications for checks that will be circulated.
• Applying the Executive Regulations of Clearing Houses and their mechanisms of work.
• Managing the clearing session, supervising its holding and the process of exchanging checks between the members of the clearing house, contributing to determining the procedures regulating it, and working with the Directorate of Supervision and Reports to ensure that its members adhere to the instructions issued.
• Ensure that the results of clearing operations are passed to the settlement system and implement the results of the final clearing of withdrawals on the accounts of other member banks.
• Settlement of cheques drawn on the accounts of the Central Monetary Office and received from the clearing office Therefore, the Cheque Clearing Department plays the role of operator and member.
• Identify the training needs of the department's staff.
• Supervising the work of the management staff, including planning, guidance, organization and control.
Third: Directorate of Supervision of Payment Systems and Preparation of Reports
1. Exercising the function of supervising the payment systems operating in the department: The Directorate is responsible for monitoring, supervising, following up and evaluating the work of all payment systems operating in the Central Payments and Monetary Office, evaluating their performance and making the necessary recommendations in particular by collecting information on the work of the systems, analyzing and evaluating them and recommending the necessary corrective and corrective measures in particular.
2. Preparing data, information and statistics published on the website of the Electronic Monetary Office (Internet): Preparing data and statistics on payment systems and introducing periodic updates to any reports, publications, instructions or data related to the work of the Payment Systems Department on the official website and publishing them in a way that ensures easy and quick access to information and ensures the provision of accurate and sound statistical data on time and in a way that serves the objectives of the department and other departments in the Monetary Office and all external parties.
3. Preparing and issuing reports: Preparing periodic and exceptional statistical and regulatory reports related to payment systems and payment tools and working on developing statistical databases continuously to serve all internal and external parties and working to publish them on the official website of the Central Payments and Monetary Office.
4. Work on preparing a banking database for banks and payment service providers, including bank branches, identification numbers, correspondent banks, signature bulletins, membership forms, support and follow-up requests, and a network of agents for payment service providers
5. Conducting comparative studies in line with international best practices in the field of payment and settlement systems to ensure the implementation of the Basic Principles of Payment Systems issued by the Bank for International Settlements, the directives of the World Bank and the International Monetary Fund, and the strategies of the Central Payments and Monetary Office.
6. Follow up developments in the field of payment systems and instruments and settlements by prestigious bodies and institutions in this field and make the necessary recommendations to keep pace with them and prepare the necessary perceptions for that and study the new payment systems projects to be established and determine their economic feasibility
7. Participate in the preparation of future plans for the proposed projects in the department and in coordination with the relevant authorities.
8. Preparing the requirements for announcing the tender of projects through the self-efforts of the directorate's employees and in cooperation with specialized companies in this regard if necessary.
( Directorates of Control and Regulation)
1. Directorate of Banking and Non-Banking Supervision
The Directorate of Banking and Non-Banking Control supervises and controls the work and activities of banks and non-banking financial institutions (currently exchange companies and offices and remittances), and the Directorate aims to maintain the safety and stability of the banking and banking sector, protect depositors' funds in northern and eastern Syria, enhance public confidence in these sectors and provide an atmosphere of fair competition between these sectors to ensure their contribution to sustainable economic development and the stability of the financial system, in addition to protecting the financial sector from the risks of money laundering and terrorist financing..
He supervises the work of the Directorate (Director of the Directorate of Banking and Non-Banking Supervision) and submits his reports to the Vice President for Control and Organization, and a set of sections emerge from the Directorate that enable it to carry out the tasks entrusted to it (Banking Control Section, and the Department of Control of Exchange and Remittance Companies and Offices), and the sections submit their reports to the Director of the Directorate.
Main functions of the Directorate:
1. Banking Control Section:
The protection of depositors' funds and the safety and stability of the banking sector are among the main objectives of the Directorate, in addition to other regulatory objectives related to ensuring the strength and solvency of banks to enable them to control and reduce the risks they face.
The work of the department is supervised by the head of the Banking Control Section, who has the scientific and practical qualifications specified in the job description form, and submits his reports to the Director of the Banking and Non-Banking Control Directorate, and a group of qualified employees work with him, whose job titles are as follows:
• Desk Analysis: Principal Analyst, Analyst, and Junior Analyst.
• Field inspection: Principal Inspector, Inspector, and Junior Inspector.
The Banking Control Section supervises the work and activities of licensed banks through office control and field control over the work of banks in line with the provisions of the Central Monetary and Payments Office Law No. (9) of 2021 and the instructions issued pursuant thereto, and the section works under comprehensive work procedures for desk analysis and field inspection to verify banks' compliance with the instructions regulating banking work in terms of capital solvency, asset quality, management efficiency, profit adequacy, liquidity availability, as well as verifying compliance with prudential requirements and indicators Relevant financial soundness, in order to ensure the safety and continuity of the work of banks in order to achieve the main objectives of the office and maintain the safety, sustainability and stability of the banking sector and achieve financial stability
In order to achieve these objectives, the Banking Control Section carries out the following activities and tasks:
• Developing the system of legislation and instructions governing banking in line with best regulatory practices to enhance its efficiency and effectiveness.
• Developing and implementing internal business policies and procedures to ensure full compliance with applicable laws, regulations and instructions.
• Continuous assessment of the risks faced by banks through the applied office and field control mechanisms, and urging banks to control and reduce these risks to ensure the reduction of losses that may result from these risks, and to take corrective measures in accordance with regulatory requirements.
• Preparing field and office control reports and submitting them to the management in a way that contributes to enhancing the ability to take appropriate decisions in a timely manner.
1. Control Section of Exchange and Remittance Companies and Offices:
The Control Section of Exchange and Remittance Companies carries out office and field control work on licensed exchange and remittance companies in accordance with the provisions of the Central Monetary and Payments Office Law No. (9) of 2021 and the Law Regulating Exchange and Remittance Business No. (1) of 2023 and the instructions issued pursuant to them, and the department works under comprehensive work procedures for office analysis and field inspection to verify the compliance of exchange and remittance companies with the instructions regulating banking work, in order to achieve the safety, effectiveness and continuity of this sector in providing exchange services to all segments of The community to provide these services within a competitive and market-based environment and in an organized and fair manner away from injustice and exploitation of its dealers, and the focus in the control operations is on the strength of the financial position of the teller, the extent of compliance with regulations and instructions, the efficiency of internal and external audits, and the efficiency of management.
Care must also be taken to enhance the awareness of workers in this sector of the legislative frameworks governing it, which are in line with best international practices, in order to avoid their exploitation in illegal acts such as money-laundering, in order to enhance the contribution of this sector to financial stability.
The work of the department is supervised by the head of the control department of exchange and remittance companies, provided that he enjoys the scientific and practical qualifications specified in the job description form, and a group of qualified employees work with him and their job titles are as follows:
• Desk Analysis: Principal Analyst, Analyst, and Junior Analyst.
• Field inspection: Principal Inspector, Inspector, and Junior Inspector.
The main tasks of the Exchange and Remittance Companies Control Section are as follows:
• Review and analyze the financial statements received from licensed exchange and remittance companies, prepare the most important financial indicators about the sector and the necessary reports and submit them to the senior management of the Monetary Office to help them take appropriate decisions in a timely manner.
• Conduct periodic inspection tours on licensed exchange and remittance companies to ensure compliance with the laws and instructions governing banking work, in order to ensure the safety and stability of this sector.
• Creating a work environment characterized by fair competition, working to develop the banking sector and supporting it to use the latest administrative systems, enhance institutional culture, and provide the latest technological systems in order to keep pace with international developments and best practices.
Supervisory tools and mechanisms of the Directorate and its departments:
The control tools for these banks and non-bank financial institutions are represented in two main axes:
1. The first axis - office control: which is represented in analyzing and reviewing periodic financial statements and reports received from banks, exchange companies and remittances, following up on various correspondence, developing instructions regulating the work of these institutions, verifying compliance with the relevant laws and instructions, submitting periodic reports to the senior management of the Monetary Office on the results of the analysis of the office and providing appropriate recommendations in accordance with the law and the instructions issued pursuant thereto.
2. The second direction - field control: through the implementation of field inspection tours to verify the extent of compliance of banks, exchange companies and remittances with the regulatory requirements, laws in force, regulations, instructions and decisions issued by the Central Monetary and Payments Office to ensure their stability and efficiency of performance, in line with the objectives of the Monetary and Payments Office in ensuring liquidity, solvency and efficient performance of a stable banking system based on market foundations, and maintaining the safety and stability of the financial system in the region in a way that keeps pace with the best International practices.
3. 2. Directorate of Anti-Money Laundering and Terrorism Financing
Objectives of the Directorate of Anti-Money Laundering and Terrorism Financing
The current organizational structure of the Central Monetary and Payments Office requires a reorganization to ensure the structural adequacy required to obtain an integrated system for the process of supervision and supervision of financial institutions subject to its supervision and supervision.
Considering the importance of the role of supervision, regulation and supervision of financial institutions to verify the effectiveness of their systems in the field of combating money laundering and terrorist financing,
Based on the recommendations of the FATF, countries should establish AML/CFT bodies that collect financial information as the central recipient of reports submitted by reporting obligations. In addition to its role in supervising and controlling financial institutions to verify their compliance with anti-money laundering and combating the financing of terrorism procedures and instructions.
Structurally, this Directorate reports to the Vice President for Control and Regulation, and enjoys operational autonomy in the performance of its functions.
Tasks of the Directorate of Anti-Money Laundering and Terrorism Financing
The Directorate shall exercise the following functions:
1. Provide recommendations regarding license applications received from the Licensing Directorate to verify that the names in question are not listed on its database or any list of local and international sanctions lists.
2. Ensure that financial institutions have appropriate anti-money laundering and combating the financing of terrorism regimes.
3. Prepare a comprehensive inspection plan in the field of combating money laundering and terrorist financing, taking into account the risks of money laundering and terrorist financing, to ensure that financial institutions comply with the procedures and controls of combating money laundering and terrorist financing.
4. Field visits to verify the compliance of financial institutions with the anti-money laundering and combating the financing of terrorism procedures stipulated in the Anti-Money Laundering and Combating the Financing of Terrorism Law and the Executive Instructions.
5. Communicate with financial institutions regarding field and office inspections, provide them with corrective actions to be taken to address deficiencies and gaps, and follow up on the implementation of the inspection institutions of the action plan to address their gaps and weaknesses.
6. Prepare instructions for anti-money laundering and terrorist financing operations and present them to the Central Monetary and Payments Office.
7. Organizing training courses for employees of the Directorate and in any competent authority or authority in the field of combating money laundering and terrorist financing.
8. Receive and archive money laundering and terrorist financing risk assessment reports prepared annually by financial institutions.
9. Submit a report on the results of the field inspection to the Vice President for Control and Regulation, including the recommendations proposed to be taken against institutions that do not comply with the instructions and procedures.
10. Develop forms for reports of operations suspected of involving money laundering or terrorist financing or representing the proceeds of predicate crimes, including all data that assist the Directorate in carrying out information collection, analysis and registration in the database.
11. Issue the necessary instructions to indicate the procedures to be observed when submitting the report and the form in which it is submitted, and prepare the reporting form.
12. Receiving and analyzing reports received from financial institutions, non-financial institutions, designated professions, requests for assistance, and automatic disclosures received from supervisory and supervisory authorities, local authorities, and financial information collection units in other countries, on operations suspected of being related to money laundering, terrorist financing or any of the predicate crimes associated with them, and referring the result of the analysis of the reports to the concerned authorities for disposition when necessary.
13. Inform the Public Prosecution of the results of the analysis of reports, when it has serious indications of the existence of suspicion of money laundering, terrorist financing or any of the predicate crimes related thereto, provided that it includes the necessary information and evidence in this regard.
14. Request from the following additional information relating to communications received when they consider them useful to carry out their function or upon request received from financial intelligence collection units in other States:
• Control and supervision bodies
• Any other bodies .
15. Receive notifications of freezing of funds and property from financial institutions, non-financial institutions and professions designated for persons and entities whose names are included in the lists of the Security Council issued in accordance with the freezing decision issued by the Attorney General and in accordance with Security Council resolutions 1267 of 1999 and 1373 of 2001 and inform the competent authorities thereof.
16. Receiving disclosure forms for the transfer of funds, precious metals and negotiable financial instruments across borders and crossings that exceed the permissible limit from the customs authority, analyzing them and keeping them in the directorate's database to take the necessary action in this regard.
17. Propose to the Public Prosecution the freezing or confiscation of funds and property (temporarily for a period of six months, extendable for a period of one year or permanently at the discretion of the Directorate) belonging to the names suspected of involvement in money laundering or terrorist financing.
18. Exchange information with financial information collection units in other countries when they comply with confidentiality rules, subject to reciprocity and use of such information for purposes related to combating money laundering or terrorist financing, and subject to obtaining the consent of the authorities providing such information.
19. Notify the National Anti-Money Laundering and Terrorism Financing Committee and the concerned supervisory and supervisory authorities of any violation of the provisions of the law by financial institutions, non-financial institutions and specific professions subject to the provisions of the Anti-Money Laundering and Terrorism Financing Law.
20. Publish annual reports on its activities, including, in particular, statistical data and analytical studies in the field of combating money-laundering and terrorist financing.
21. Conclude memorandums of understanding with financial information collection units or local or international bodies exercising similar functions, subject to similar confidentiality obligations, and to this end may join local, regional and international organizations to facilitate their tasks and work in accordance with the law.
22. Participate in international and regional seminars, workshops, conferences and meetings related to its competence.
23. Any other functions or competencies stipulated in the Anti-Money Laundering and Combating the Financing of Terrorism Law.
3. 3. Directorate of Licenses
The Directorate undertakes the tasks of licensing banks and non-banking financial institutions (exchange and remittance companies), in accordance with the provisions of the Central Monetary and Payments Office Law No. (9) of 2021 and the Law Regulating Exchange and Remittance Business No. (1) of 2023, and the licensing instructions and other related instructions issued pursuant to them, and under clear work procedures characterized by integrity, transparency and non-complexity, with the aim of facilitating the entry of players into the market and attracting local and foreign investors, which contributes to achieving financial inclusion in the region and achieving the objectives of the Monetary Office Relationship, by performing the following tasks:
• Regulating the licensing, branching, transfer and closure of institutions subject to the supervision and control of the Monetary Office (banks, exchange companies and remittances) in a manner that enhances their contribution to economic development.
• Studying license applications submitted by banks and non-banking financial institutions, applications for branching, transfer, temporary or permanent suspension and closure, and submitting the necessary recommendations thereon to the senior management of the Monetary Office in accordance with the laws in force and the instructions issued pursuant thereto.
• Developing the instructions regulating the licensing on a permanent basis in line with regulatory developments at the local and international levels and in line with the best standards in force globally.
• Contribute to enhancing financial inclusion by delivering banking and secure banking services to all regions in northern and eastern Syria.
• Encouraging the licensing and branching of institutions subject to the supervision and control of the Monetary Office in a manner commensurate with the real demand of the market and meets the needs of citizens in terms of banking and financial services and products, including electronic ones.
• Contribute to the follow-up and control of risks associated with banking and banking spread.
• Contribute to promoting fair competitiveness and ensuring a fair distribution among supervised institutions in terms of geographical spread.
The work of the Directorate is supervised by the Director of the Licensing Directorate, who has the scientific and practical qualifications specified in the job description form, and submits his reports to the Vice President for Control and Regulation, and a group of qualified employees work with him whose job titles are (Principal Licensing Officer, Licensing Officer, and Junior Licensing Officer).
4. 4. Risk Management Directorate
The Risk Management Department is responsible for developing, implementing and updating the general framework for total risk management, which includes mechanisms for identifying, measuring, evaluating, monitoring, controlling and controlling risks on an ongoing basis to ensure the achievement of the objectives of the Monetary and Payments Office in an efficient, effective and continuous manner, and in order to achieve this, it performs the following tasks:
1. Developing and updating the risk management strategy, methodology and policies and approving them by the competent authorities in the Monetary Office.
2. Developing and reviewing the general risk management framework in the Monetary Office at the macro level (Enterprise Risk Management) and at the level of organizational units in order to assist them and ensure that they manage their risks in a consistent and harmonious manner, to ensure that the objectives of the Monetary Office are optimally achieved.
3. Building a comprehensive framework for the acceptable level of risks to which the Monetary Office is exposed and the permissible limits of abuse in coordination with the concerned organizational units, monitoring compliance with it, and submitting reports and recommendations to the concerned authorities in this regard.
4. Developing the regulatory system to include assisting organizational units to submit risk control reports periodically to the co-chairmanship of the Monetary Office.
5. Contribute to the study and analysis of the risks of the operations developed or to be developed in the Monetary Office and express an opinion on them in coordination with the concerned authorities.
6. Cooperating and coordinating with the concerned authorities regarding training and awareness in order to build and develop the level of awareness of risk management and compliance in the Monetary Office.
7. Collaborate and coordinate efforts with relevant external parties for the purpose of exchanging experiences and knowledge in the field of risk management and compliance.
8. Preparing the necessary studies and research in the field of risk management and compliance and providing the necessary recommendations thereon.
9. Submit periodic reports to the Board of Directors explaining the various risks facing the Monetary Office, and the extent of their impact on the overall performance of the Monetary Office in achieving its objectives, and provide the necessary recommendations in this regard.
10. Monitor the compliance of the Monetary Office and its organizational units with all legislation related to its business, codes of conduct, standards and sound banking practices.
11. Preparing an integrated policy for business continuity management in the cash office, which includes the main axes of business continuity management represented in developing and reviewing the business continuity management policy and instructions, following up on business continuity plans, application, examination, development and improvement, awareness and training.
12. Develop, review and update the policies and methodologies applied in the management of information technology risks and the activities of the Central Monetary and Payments Office.
Directorate of Information Technology:
It performs the following tasks:
The Directorate of Information Technology undertakes a task to provide services related to the management of the technical environment of information in the Monetary Office, by developing the necessary technical strategies and policies to enable all directorates and sections in the Monetary Office to achieve its goals, in addition to developing the necessary plans to implement these strategies and policies through projects related to the technical environment and the general supervision of these projects to ensure that they are in line with the strategic objectives of the Monetary Office in accordance with the rules of IT governance and related standards in order to increase the efficiency of And the effectiveness of work and the provision of information quickly and in the most appropriate form, where the Directorate does the following:
Preparing and updating plans in the field of information technology and setting the necessary procedures for their implementation.
1. Managing and sustaining the IT infrastructure.
2. Take the necessary measures to raise the electronic readiness of the Monetary Office and enable it to digitally transform in providing services to customers.
3. Follow up the main and alternative locations of the Monetary Office through the competent staff in those sites and in coordination with the concerned authorities.
4. Participate in projects and committees at the national level and/or the banking sector, coordinate with various entities to implement e-government tasks and projects, and enable interconnection with customers to facilitate the provision of electronic services to the clients of the Monetary Office from the public sector and the banking sector.
5. Implement the necessary policies and procedures to raise the quality of information.
6. Participate in the process of acquiring, operating and maintaining ready-made software packages in coordination with the relevant authorities.
7. Continuous follow-up to develop the capabilities of the technical staff and increase the efficiency of the employees in the directorate to keep pace with the technological development of information technology.
8. Training employees and increasing their efficiency in the use of devices and accessories, programmed systems and available desktop modernization methods.
9. Developing and designing systems and programs, examining them, maintaining their work, following up on their maintenance and modernization.
10. Preparing and submitting periodic reports on the work of the Information Technology Directorate and its employees, determining the necessary financial allocations, proposals and implementation mechanisms.
11. Take advantage of modern development tools in IT project management.
12. Develop information security procedures (administrative, physical and programmatic) in the office in accordance with the standard global information security procedures and in accordance with the nature of work in the cash office.
13. Manage the process of copying and saving backups of software assets (basic and applied) and data according to instructions approved by the office.
14. Proposing the necessary amendments in the structure and tasks of the Directorate of Information Technology and the corresponding departments in the branches in accordance with the developments in the mechanisms of work of the Monetary Office.
(Directorate of Public Relations and Media)
The Directorate of External Relations is the window of the Central Monetary and Payments Office to the local and external community, and aims to enhance communication with the target groups to spread the vision and mission of the Monetary Office in the best ways and means of communication, and organizes various internal and external activities of the Monetary Office.
Functions:
1. Follow up and organize all local and foreign activities related to the work of the Monetary Office.
2. Strengthening and consolidating relations with internal and external audiences and creating a database for all target groups to facilitate access to them and convey messages positively and professionally. And organizing activities (conferences, seminars, workshops, exhibitions, ... etc).
3. Highlight the role, mission, vision and activities of the Monetary Office.
4. Issuing bulletins and media materials for the Monetary Office and publishing its news in various media.
5. Media coverage of all the activities of the Monetary Office, providing the media with them, and media follow-up of all news and reports related to the Office.
6. Coordinate visits of international delegations.
7. Promoting the Monetary Office locally, regionally and internationally through the various programs of the Directorate.
8. Crystallizing the attendance and electronic personality of the Monetary Office to reflect its actual presence on the ground.
9. Seeking to find cooperative relations that would contribute to finding ways to exchange experiences and scientific, professional and research consultations between the Monetary Office and various institutions, organizations, governmental and private bodies and civil society institutions in various fields.
10. Strengthening the spirit of brotherhood and interdependence among all employees of the Monetary Office, sharing their social events and creating an atmosphere of fruitful cooperation.
11. Media follow-up of the website of the Monetary Office and its pages on social networking sites.
12. Supervise the formulation and implementation of the Monetary Office's media plan.
13. The Directorate implements many efforts aimed at raising the level of financial awareness to protect the clients of entities subject to the supervision of the Monetary Office.
(Directorate of Human Resources)
The Directorate of Human Resources shall undertake the task of contributing to the achievement of the objectives of the Office by attracting, providing and motivating the human resources necessary to carry out the tasks set forth in the Law of the Monetary and Payments Office with high efficiency and continuous efficiency and at the lowest possible cost and effort.
1. Planning and securing the Office's needs of the necessary human resources, implementing and following up the procedures related to their situation.
2. Studying, preparing and developing the organizational structure of the office in terms of objectives, tasks, unit levels and job titles. Analyze and describe jobs, evaluate them and follow up on updating them periodically.
3. Implementing administrative matters related to employees and organizing their self-cards in accordance with the laws and regulations in force.
4. Applying the provisions of all laws and regulations related to the employee and employees and proposing recommendations related to their development.
5. Preparing and implementing practical training and scientific qualification plans in accordance with the needs of the Central Monetary and Payments Office.
6. Implement the procedures for the payment of salaries, bonuses, compensations and any entitlements to contract employees, permanent employees, employees and day laborers.
7. Preparing studies related to human resources, proposing their policies and implementing the approved ones.
(b ) The Directorate of Human Resources shall be subordinated:
• Personnel.
• Training and development.
• General Diwan and Archives.
Reception.
(Directorate of Finance and Accounting)
It is responsible for completing all financial procedures related to disbursement, collecting revenues, accounting for this in its statutory books, preparing the necessary reports for the concerned and relevant authorities, following up and ensuring that there are no excesses in disbursement, reporting them to the concerned authorities, and implementing the accounting treatment of errors.
It performs the following tasks:
1. Carrying out all accounting work such as linkage, disbursement of dues, review and payment of advances, bookkeeping and records in accordance with the applicable laws, regulations, instructions and orders.
2. Participate in the preparation of the draft general budget of the office.
3. Implementing financial laws and regulations and following up the movement of budget items, noting the verification of the integrity of the exchange and not exceeding financial appropriations.
4. Prepare the necessary accounts and financial reports (such as the monthly account, the final account).
5. Preparing transfer memos to and from budget items, recording appropriations and entering items into the financial management program.
6. Carrying out periodic inventory work for the fund and preparing minutes thereof.
7. Carrying out collection and disbursement procedures to meet the Office's obligations.
8. Analyzing financial statements, preparing studies and submitting proposals for the development of financial management.
9. Save all financial transactions in the archive system in a way that facilitates the return of any transaction upon request.
(Directorate of Legal Affairs)
The Directorate follows up the application of the provisions and instructions issued by the Monetary Office, especially the Central Monetary and Payments Law, and provides legal advice to the Department in all areas that fall within the scope of the Office's work.
The Directorate shall undertake the following tasks:
1. Providing legal advice and studying all problems and issues of a legal nature that face the departments and branches of the Monetary and Payments Office and working to find appropriate solutions to them and return them according to official letters of legal opinion.
2. Preparing draft laws, regulations, regulations and instructions related to the work of the office in partnership with the competent directorates or expressing an opinion on them and proposing amendments to some banking issues.
3. Study cases that require arbitration, express a legal opinion on them, and propose the nomination of the arbitrator.
4. Representing the Monetary and Payments Office in legal negotiations in cooperation with the competent departments commissioned by the Co-Presidency.
5. Auditing contracts to which the Office is one of the parties and recording its written consent to their content so that they are drawn up in a manner that secures and preserves the rights of the Office and covers its claimants duly and in accordance with the laws and regulations in force, and prepares the necessary contracts commissioned by the co-presidency.
6. Checking the term sheets from a legal and financial point of view.
7. Coordinate work with human rights consultants and lawyers contracting with the office, submit periodic reports on their activities and activities in following up cases and cases related to the interest of the office, and express an opinion on the renewal, amendment or cancellation of contracts concluded with them.
8. Classifying, classifying, indexing and circulating the important ones to the directorates, branches and relevant authorities of legislation, jurisprudence and fatwas issued by the competent authorities related to the work of the office.
9. Provide legal opinion on applications for opening current accounts in terms of meeting the legal requirements.
10. Initiating and following up the lawsuits filed by the Office or filed against it, preparing the necessary defenses and following them up before the competent courts in a manner that guarantees its rights in coordination with the concerned directorates of the Office.
11. Follow up the procedures for the implementation of final judicial rulings issued in cases filed by the office through its contracted lawyers.
(Internal Audit Directorate headed by the Inspector General and reporting to the Board of Directors)
The Internal Audit Directorate works through its independent and objective assurance and advisory activity to assist the management in improving its operations, and carrying out its responsibilities efficiently and effectively by verifying the validity and integrity of the various activities of the office and the extent of compliance and compliance with the laws, regulations, instructions, policies and plans set, in addition to assisting the office in achieving its objectives by evaluating and improving the effectiveness of risk management, internal control and control systems, and governance structure and procedures, and in particular it has the following tasks:
1. The department ensures that all departments of the Central Monetary and Payments Office "comply" with the laws, regulations, instructions and orders, which determine their framework and in accordance with their specializations.
2. Study the internal control systems of the operations of the Monetary Office, ensure the integrity of their application, submit reports on any gaps that may exist with the necessary recommendations to evaluate them and propose any amendments or new additions to them.
3. Work with other directorates to identify processes that need to be audited before passing or after they are carried out as well as identify processes that need to be audited fully and those that can be audited on the basis of the sample system.
4. Ensure that all assets and operations are recorded in books and records in accordance with the instructions and regulations issued in the office and the generally accepted accounting systems.
5. Verify the correctness and integrity of the preparation of the financial statements of the Office and ensure that the balance sheet and profit and loss account reflect the financial position of the Office.
6. Collaborate with other departments to solve financial and accounting problems that arise during work.
7. Collaborate with external auditors of the Office.
8. Developing audit systems and programs in the Monetary Office and following up on global developments in the field of internal audit to benefit from them.
9. Report to the Co-Chair on the important observations and findings of the audit and refer matters of disagreement to the Governing Council, all with appropriate recommendations.
10. Any assurance or advisory tasks assigned to the Directorate by the co-chairmanship of the Office.
(Directorate of Economic Research and Statistics)
The main tasks of the Directorate of Economic Research and Statistics are to prepare studies and memoranda in the fields of macroeconomics, banking and financial developments, the state budget and the external sector. Thus, it contributes to achieving the objectives of the Monetary Office and implementing its objectives of achieving monetary stability, while maintaining the stability and development of the financial sector in a way that contributes to achieving sustainable development.
The Directorate contains two sections: (1) Economic Research Section and (2) Statistics Section. The main tasks of the Directorate are summarized as follows:
First: Department of Economic Studies
1. Follow up on local, regional and international economic, monetary and financial developments, and indicate the extent of their impact on the economy in the areas of the Autonomous Administration of North and East Syria.
2. Prepare memoranda and consultations for the co-chairmanship, the Board of Directors and all departments of the office as needed, regarding economic issues and developments, with recommendations that help make sound decisions.
3. Contribute to the preparation of monetary policy and exchange rate policy, determine their orientations and how to use the available tools to achieve the objectives of the Office, in order to achieve monetary stability, stability of the financial sector, and balanced economic growth.
4. Prepare monthly and quarterly bulletins on a regular basis and publish them to the public on the Office's website, as well as the annual report, a copy of which is sent to the Co-Presidency, based on the approval of the Board of Directors.
5. Responding to the requests of local, regional and international bodies in the economic, monetary and exchange rate fields and providing the required statistical data.
Second: Department of Statistics
1. Collecting statistical data on economic sectors (banking and financial sector, public finance, real economy - GDP and prices, external sector - exports, imports and external financial transfers).
2. Tabulating statistical data based on the latest IMF methodologies in this regard, placing them at the disposal of senior management and all departments of the Office and the Board of Directors, and sending notes in this regard to the co-presidency as needed.
Preparing a monthly and quarterly statistical bulletin containing the data available to all sectors and publishing it on the office's website, after the approval of the Board of Directors.
(Directorate of Treasury and Reserves Department)
The Directorate is considered one of the most important and active sections of the office, as the Directorate is responsible for all operations that take place in the Central Monetary and Payments Office, whether receipts or cash payments after completing its documentary cycle in other sections of the office, and it maintains and manages the office's foreign currency reserves according to the plan approved by the Central Monetary and Payments Office.
Tasks of the Treasury Directorate:
1. Managing the general treasury account with both receipts and payments.
2. Prepare the actual daily, weekly and monthly cash flow statements for the treasury account and submit them to the co-chairmanship of the office.
3. Keeping the accounting records necessary for the accounting operations that take place in the treasury account (movable money entries, advances, trusts).
4. Preparing monthly accounting summaries for the Treasury Section and providing the General Accounts Section with them.
5. Preparing the monthly treasury plan, monitoring and analyzing the expected cash flows, stating their results, and submitting the necessary proposals in this regard.
6. Recording the accounting entries necessary to monitor the balances of the accounts of public entities transferred to the treasury.
7. Providing the General Accounts Section with a monthly summary of the movement of movable money received from public departments and authorities, and predicting and meeting the needs for local currency and foreign currencies.
8. The use of contemporary methods in the management of currency stores, and the balance, in terms of fixed and variable costs, between the demand of currency in large quantities or in smaller quantities.
9. Carrying out the Fund's operations in terms of receipt, payment, documentation, exchange of foreign banknotes, replacement of damaged currency, and reconciliation of treasury and funds.
10. Carrying out the tasks of counting and sorting currency, and determining the invalidated currency, using medium machines, and comprehensive machines, while working on the sustainability and maintenance of technical equipment.
11. Carrying out storage operations for local currency, foreign currencies, gold, and trusts, as well as combating counterfeiting and counterfeiting.
12. Implement the accounting entries for the issuance accounts, fund accounts, and report the results to the Accounting Department.
The Directorate consists of:
• Treasury Section:
He delivers cash funds to the branch treasurers (funds associated with the various departments of the office, such as the current accounts fund or the payroll fund on the first of each day, receives the funds collected with them at the end of the daily work, feeds the branches with the cash they need during a certain period, receives the surplus with them, organizes the documents and entries related to the above, and inventories the main treasury at the end of each working day and matches them with the book entries.
• Meters Section:
It counts the coin, sorts it, ensures its safety and suitability for use, detects counterfeits, packs it, and puts the numbers for each counter on the amounts that have been counted.
• Reserve Management Section:
The office manages the foreign reserve according to the approved plan and in order to achieve the vision and monetary policy of the office, and the reserve department develops a guide for work and optimal use of the reserve according to economic developments.
(Directorate of Public Services)
The Public Services Department aims to provide services to the Cash Office and its branches to secure the supplies, services and works necessary for the continuity of the work of these administrative bodies effectively and efficiently within a suitable climate for giving and achievement. It is also concerned with providing the needs of organizational units of buildings, construction, fixed equipment and managing the properties of the Cash Office of land, buildings, equipment and resources in a sustainable, effective and inexpensive manner aimed at achieving long-term preservation of their value and ensuring the safety of all physical assets, conducting effective maintenance of them, and maintaining health and safety. In addition to the optimal exploitation of natural resources and reducing and rationalizing consumption.
Main tasks of the Directorate of Public Works:
1. Preparing and managing the budget of administrative expenditures, capital assets and projects and implementing all their activities.
2. Drawing and updating the procedures and instructions for the optimal utilization of assets in accordance with the emerging changes and the policies of the Board of Directors.
3. Standardize and simplify procurement, planning and coordination requirements for supply, materials and transportation activities.
4. Save supplies restrictions.
5. Cooperating with the various directorates to find out the best means and methods of preserving and maintaining supplies.
6. Planning, managing and evaluating projects related to buildings and their accessories.
7. Managing and maintaining the properties of the Cash Office from lands and buildings, and securing the necessary maintenance of the Cash Office buildings and its material resources assets through a trained technical staff and an advanced security system that works around the clock.
8. Logistical management of all activities and events organized by the Monetary Office and coordination with the concerned units for the success of various events (meetings, seminars, workshops, and conferences), whether inside or outside the Monetary Office.
9. Providing the necessary cleaning service for the cash office buildings and public facilities.
10. Managing the security key system for fortified rooms, safe warehouses and iron clippers and keeping the necessary records.
11. Providing the necessary communication service to all employees of the cash office and its branches through the exchange.
Managing an integrated security system for all the buildings of the Monetary Office, its branches and equipment, and providing security guards for the Bank's buildings, assets and branches to ensure the safety, validity and readiness of all security agencies and protective equipment and developing a security plan and an emergency plan to protect the buildings and assets of the Monetary Office.
General Provisions
Article (31)
• The Department and the Inspector General shall be full-time and provide their professional services to the Office, and may not occupy any other position with or without pay, other than being nominated by the Office for educational and civic efforts in some cases.
• No member of the Board of Directors or the staff of the Office may accept any gift or credit, whether directly or through any person with a family, commercial or financial relationship, if accepting such gift would or appear to result in a derogation of his impartiality to his devotion to the Office.
Article (32)
The annual budget of the Office shall be determined by including all proposed actual expenditures of the Office in an annual budget approved by the Board of Directors and submitted for information to the Finance Authority.
Article (33)
No person who legally holds or holds the position of a director, employee, auditor, agent or correspondent of the Office shall permit in a manner not authorized by law to access, disclose or make public material information obtained in the course of his duties at the Office, use such information or allow it to be used for personal gain.
Article (34)
The Office shall draw up a regulation of contracts and procurement approved by the Board of Directors to regulate the contracting and procurement operations carried out by the Office.
Article (35)
Cases for which there is no provision in this system are subject to the provisions of the Central Monetary and Payments Law No. 9 of 2021.
Article (36)
The Board of Directors may make the necessary amendments to the provisions of this Law when necessary and needed.
Article (36)
This Articles of Association shall be effective from the date of its ratification by the Board of Directors.
