Following this announcement, the collaboration will focus on strengthening financial compliance standards across Qi’s operations.
In addition, the Qi-K2 scope of work is expected to be split into Qi UAE, Qi Jordan, and Qi Iraq. K2 Integrity is set to develop a large operations and compliance back office in Jordan for Qi and will integrate this office into Qi’s compliance ecosystem. Furthermore, K2 Integrity will further leverage Qi’s UAE back office as a development incubator and sandbox for new Qi products and services.
According to the official press release, the initiative comes at a time when the Iraqi economy has started to rebuild, and the country has increased its multilateral integration with international financial institutions, central banks, governments, and foreign investors. At the same time, the partnership is set to enable the companies to continue focusing on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
This long-term collaboration will also focus on upgrading not only Qi’s internal controls but also developing a secure and efficient model for strengthening the integrity of the Iraqi financial system.
Furthermore, the partnership is set to span a 36-month roadmap split into three phases, where K2 Integrity will perform several strategic tasks. This includes the process of evaluating and developing Qi’s current financial crime compliance (FCC) framework, training Qi’s employees across all levels, from frontline staff to executive leadership, as well as take operational responsibility for implementing globally benchmarked compliance practices, and transitioning the program into a sustainable and secure model that will be eventually managed by Qi.
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