Our Core Values
Evolution
We constantly strive to keep up with the latest developments, innovations and services worldwide, so that our customers remain at the forefront of users of these services, and we provide them with a range of unique services and solutions.
Excellence
We are keen to excel in all our activities and businesses, and to provide added value to every business, so that this excellence is reflected on our customers, as we seek to be a strategic partner for every customer, to grow together and be a building block in building development and reaching the best.
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About Our Company
Who are we?
Al Maknon Company
Al-Maknoun Company is a financial institution that specializes in providing services such as buying and selling foreign currencies, auction currency sales for travelers, and domestic money transfers. Currency exchange companies differ from banks as they focus primarily on cash exchange services without offering loans or banking accounts. We strive to meet our customers' needs and process their transactions with the highest standards of efficiency, speed, and competitive pricing. Our ambition is to increase our market share to compete with major exchange companies in Iraq. Classified as a category "C" company, we conduct our operations with utmost efficiency and professionalism, thanks to our team of experts specializing in technical, commercial, and financial fields.
Company goal
Contributing to supporting and developing the national economy through practicing exchange business in a manner that achieves the company’s objectives, while being subject to the Central Bank of Iraq Law and the laws, instructions and controls related to its activity.
Company Vision
To be the main driver and one of the most prominent contributors to raising the level of financial inclusion in Iraq, which will have a great impact on the growth of the national economy and facilitate and improve the lives of our citizens, in addition to contributing to enhancing transparency in all transactions, in line with the strategy of the Central Bank of Iraq.
Our Activity
- Competitive exchange rates
Exchange companies offer exchange rates close to global rates, making them a preferred choice for customers compared to banks.
- Transparency and security
It operates under strict government oversight, ensuring transparency and protecting customers from fraud or money laundering.
- Low fees
Exchange companies offer low fees on exchange and transactions.
Company Services
Our Services
Foreign Currency Exchange at Competitive Rates We aim to become the preferred currency exchange company for customers by offering the best foreign exchange rates in the market and providing exceptional service. Our services include buying and selling foreign currencies, auction currency sales for travelers, and domestic money transfers. With technological advancements and the automation of financial services, we rely on modern electronic indicators to determine real-time exchange rates, accurately reflecting market fluctuations within our systems.
Money laundering is an illegal process aimed at concealing the source of funds obtained from unlawful activities (such as drug trafficking, corruption, or economic crimes) and converting them into money that appears legitimate. This process is carried out through three main stages:
Placement
- In this stage, illicit funds are introduced into the financial system.
- This stage includes converting cash into bank deposits or purchasing assets such as real estate and vehicles.
Layering
- The goal of this stage is to complicate the tracing of the funds' source.
- This is done by transferring funds between multiple accounts, conducting fictitious business transactions, or investing in countries with strict banking secrecy laws.
Integration
- The funds are reintroduced into the formal economy to appear legitimate.
- The funds are used in investment projects or to purchase legitimate assets.
Reasons for the Dangers of Money Laundering:
- Economically: It weakens the national economy by reducing the effectiveness of economic policies and increasing inflation.
- Socially: It finances organized crimes, such as terrorism and human trafficking.
- Politically: It threatens the stability of countries by manipulating markets and institutions.
Anti-Money Laundering (AML):
- Establishing Fake Companies to Conceal Illegitimate Funds:
- Purchasing Real Estate Under False Names:
- Using Casinos for Money Laundering Through Betting:
To contact via email
AntiMoneyLaundering@al-maknon.com.iq
"Compliance" refers to the adherence to laws, regulations, standards, and policies applicable within an organization or a specific sector. The goal of compliance is to ensure that activities and operations are conducted legally, ethically, and in alignment with regulatory rules.
Types of Compliance:
Legal Compliance:
- Compliance with national or international laws and regulations, such as tax laws and labor laws.
Regulatory Compliance:
- Regulatory compliance: Adhering to the rules imposed by regulatory bodies in the industry, such as banks or insurance companies.
Internal compliance: Ensuring adherence to the internal policies, procedures, and standards set by an organization to manage risks and maintain operational effectiveness.
- Compliance with the company's internal policies and procedures.
Compliance Objectives:
- Protecting the company from legal and financial penalties.
- Enhancing the company's reputation and building trust with customers and partners.
- Promoting an ethical and responsible work environment.
- Reducing risks such as corruption, money laundering, or data breaches.
Examples of Compliance in Different Areas:
- Compliance in the Banking Sector: Implementing Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) Regulations:
- Compliance in the Healthcare Sector: Compliance with Privacy Standards, such as Health Information Privacy Laws (HIPAA):
- Environmental Compliance: Compliance with Environmental Laws, such as Reducing Emissions:
Elements of Effective Compliance:
- Clear Policies: Creating Written Regulations and Policies to Outline Compliance Rules:
- Training and Awareness: Training employees to understand and apply compliance policies:
- Monitoring and Surveillance: Compliance Monitoring through Surveillance and Analysis Systems:
- Reporting Violations: Providing Confidential Channels for Reporting Violations:
- Penalties: Applying Disciplinary Actions Against Violators:
The Role of Compliance in Organizations:
- Enhancing Transparency: Contributes to Building a Workplace Based on Integrity:
- Risk Management: It helps in identifying challenges before they escalate into major issues.
- Achieving sustainability: It ensures the continuity of operations in a legal and responsible manner.
To contact via email
compliance@al-maknon.com.iq
Financial control is the process of managing and reviewing financial resources to ensure they are used effectively, legally, and in line with established objectives. It aims to enhance transparency, reduce waste, and combat corruption by ensuring compliance with financial policies and regulations.
The objectives of financial control:
- Ensuring economic efficiency:
- Ensuring maximum utilization of available resources.
- Enhancing Transparency:
- Detecting any suspicious or illegal financial activities.
- Ensuring compliance
- Ensuring that institutions comply with financial laws and regulations.
- Maintaining financial stability.
- Reducing financial risks and achieving budget balance.
Types of financial control:
- Internal control:
- It is practiced within the organization through mechanisms and procedures such as periodic reviews.
- External control
- It is carried out by independent or governmental regulatory bodies, such as national audit authorities.
- Preventive control
- Focusing on reviewing financial activities before implementing them to ensure their legality.
- Post-Implementation Control
- It involves reviewing and evaluating financial operations after they occur.
Financial Control Mechanisms
- Financial Reports
- Preparing Periodic Reports on Expenses and Revenues
- Internal Auditing
- Internal review of financial operations to ensure accuracy and compliance
- External Auditing
- Reviewing accounts and financial statements by independent entities
- Risk Management Systems
- Identifying and Analyzing Financial Risks and Developing Strategies to Address Them
The Importance of Financial Control
- Anti-Corruption
- Detecting and Stopping Illegal Financial Activities
- Building Trust
- Building Trust Between Institutions and Stakeholders
- Improving Financial Performance
- Reducing Costs and Improving Money Management Efficiency
Practical Examples
- Monitoring Government Spending to Ensure Funds Are Directed to Designated Projects
- Verifying Tax Compliance in Companies
- Reviewing Budgets and Accounting Processes to Ensure Accuracy
To contact via email
finance.review@al-maknon.com.iq.
To contact our company
If you have any complaints, you can fill out the form below.
Quick Link
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- To Contact Us
Al Maknon Company
Call Center
- 009647705744255
- mpy@gmail.com
- info@al-maknon.com.iq
- Iraq / Maysan / Education Street / Opposite the Old Ice Factory
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