ERBIL, Kurdistan Region - Erbil-based Region Trade Bank (RTB) has announced the formation of a new Board of Directors composed of senior figures from international financial regulatory institutions. The bank said the move marks a major step toward aligning its governance with global banking standards.
In a statement obtained by Rudaw, RTB said it “is holding the first meeting of its new Board of Directors," making it "the first local bank in Iraq and the Kurdistan Region to elevate its management system to international standards - a move that will transform banking trust in the region."
RTB said its reforms will strengthen internal oversight, risk management, and financial infrastructure to meet international banking standards and reduce money laundering risks, outlining what it described as a structural transformation of its operations.
This comes amid efforts to connect to global banking systems through US and European partner banks to reduce trade costs and improve financial flows, while also improving its governance to international standards to strengthen investor confidence and attract foreign investment to Iraq and the Kurdistan Region.
The international board comprises former officials from the US Department of the Treasury, the Financial Action Task Force (FATF), and the Office of Foreign Assets Control (OFAC).
According to the statement, the board is chaired by Marshall Billingslea, former Assistant Secretary of the US Treasury and former President of the Financial Action Task Force (FATF), a global standard-setting body for anti-money laundering and counter-terrorism financing.
Other members include Gregory Gatjanis, former Associate Director at Office of Foreign Assets Control (OFAC); Ilze Znotina, former head of Latvia’s Financial Intelligence Unit and expert of the IMF and European Commission; and Jorge Jimenez, a specialist in US Federal payment systems.
“The presence of this powerful team of experts from the US Treasury and international institutions will serve as a catalyst for opening a new door for the Iraqi banking sector, rescuing it from the financial isolation that has plagued it for many years,” RTB said.
RTB has been operating since July 2001 and established its headquarters in Erbil in September 2003. The bank is licensed and registered by the Central Bank of Iraq and says it has not faced any banking sanctions since its establishment.
