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nama financial markets & consultants (nama)

is a professional services firm providing strategy, management, and economic consulting with

deep expertise in AML and risk management. We design and implement fit-for-purpose risk and

compliance frameworks, audits, and operating strategies tailored to each client. Drawing on

extensive financial-industry experience, NAMA helps organizations address their toughest

challenges-and we remain at our clients' side throughout execution, monitoring progress and

advising at every step.

Our History and Background

Founded in 2020 in New York City, NAMA Financial Markets & Consultants was established by

Nancy Papaioannou, former Bank President and CEO. The firm builds on Ms. Papaioannou's

leadership in international banking and correspondent services, and her recognized capabilities

in AML compliance, enterprise risk management, and M&A due-diligence and evaluations.

Our People

At NAMA Financial Markets & Consultants, we help clients achieve their goals by transforming

operations into efficient, profitable, and sustainable systems. Our financial services practice

focuses on strengthening institutions through sound strategy, risk management, and innovation.

Financial Services

Stabilization & Compliance

Ensuring organizational resilience and adherence to regulatory standards.

Modernization & Digitalization

Leveraging technology to enhance operational efficiency and competitiveness.

International Integration

Supporting clients in aligning global operations and cross-border financial practices.

Competitiveness & Recognition

Enhancing institutional performance, market presence, and reputation.

Enhancing institutional performance, market presence, and
reputation.

Foreign Currency Platforms

Providing insights and solutions in multi-currency systems and exchange platforms.

Providing insights and solutions in multi-currency systems and
exchange platforms.

Legal and Institutional Reforms

Advising on governance structures, policies, and reform initiatives.

Evaluation of Results vs. Needs

Measuring outcomes and refining strategies to ensure

effectiveness and return on investment.

Nama Financial Markets

 Iraq’s banking system: how to move from a fragmented, cash-heavy, restricted environment to a modern, internationally integrated banking sector. Let’s break it down into key factors:

Phase 1. Stabilization & Compliance

Phase 2. Modernization & Digitalization

Phase 3. International Integration

Phase 4. Competitiveness & Recognition

Phase 5. Final Vision (5 years)

a)           Strengthening Central Bank of Iraq (CBI) Policies. Transparent FX Auctions: The CBI currently sells US dollars through auctions to stabilize the dinar. To gain credibility, it needs more transparency, compliance, and digital systems instead of paper-based/manual processes.

b)          Stable Exchange Rate Policy: Clear, predictable management of the dinar builds confidence with international investors and banks.

c)           AML/CFT Enforcement: The CBI must strictly apply Anti-Money Laundering and Counter-Terrorism Financing standards (FATF compliance), which international regulators watch closely.

a)           Digital Banking: Shift from cash-based transactions to electronic payments, mobile banking, and online transfers.

b)          Core Banking Systems: Invest in international-grade banking platforms that allow real-time transfers and reporting.

c)           SWIFT Integration: Ensure all banks are fully compliant and connected with SWIFT messaging standards for cross-border payments.

d)          Credit Rating & Risk Management: Iraqi banks must adopt Basel III standards for capital and liquidity to be trusted by international counterparties.

a)           Encourage joint ventures and correspondent banking relationships with global institutions (e.g., JP Morgan, Citibank, HSBC, BNP Paribas).

b)          Foreign banks bring technology, compliance culture, and international standards.

Example: Standard Chartered already has a foothold in Iraq, supporting oil companies — similar expansions could build credibility.

a) Dollar Clearing: Iraqi banks need stronger ties with U.S. correspondent banks to clear dollar payments directly (currently heavily intermediated).

b) Compliance with U.S. Treasury (OFAC rules): Iraqi banks must prove they are not conduits for illicit financing (Iran-related sanctions are a sensitive point).

c) Alternative Currencies & FX Hubs: Diversify by building capacity in euro, pound, yuan transactions while maintaining strong USD links.

a)Independent Judiciary: Enforceable contracts and property rights encourage investment.

b)Bankruptcy & Insolvency Laws: Global investors want a clear framework for resolving debt disputes.

c) Credit Bureau & Deposit Insurance: Improve trust in the system by protecting depositors and sharing credit history.

Global Ratings: Encourage Iraqi banks to obtain ratings from agencies like Moody’s or Fitch.

IFRS Accounting: Adopt International Financial Reporting Standards for transparency.

Foreign Direct Investment (FDI): Build confidence by allowing easier entry for foreign investors into Iraqi banking.

Regional Integration: Expand cooperation with Gulf states (Qatar, UAE, Saudi Arabia) whose banks are already globally competitive.