The Regional Trade Bank (RT Bank) will be holding the first meeting of its newly appointed Board of Directors. The bank brings together several internationally respected financial experts. This move marks a major milestone for Iraq’s banking sector. It also makes RT Bank the first domestic bank in Iraq and the Kurdistan Region to adopt governance that closely follows international banking standards.
Marshall Billingslea chairs the new board. He previously served as the U.S. Assistant Secretary for Terrorist Financing and later led the Financial Action Task Force (FATF). FATF sets global standards to fight money laundering, terrorist financing, and other financial crimes.
The board also includes several experienced financial specialists. Gregory Gatjanis previously served as Deputy Director of the U.S. Office of Foreign Assets Control (OFAC). Ilze Znotina led Latvia’s Financial Intelligence Unit and later advised the International Monetary Fund and the European Commission. Dr. Jorge Jimenez specializes in the U.S. Federal Reserve payment system.
Hashem Hamawandi, Basel Kiwan, Adnan Kifayat, and Raed Hijazi also serve on the board. Meanwhile, Yilmaz Ugur Ay serves as Chief Executive Officer. He manages the bank’s daily operations. He brings more than 20 years of banking experience from Iraq and Turkey.
These appointments strengthen RT Bank’s leadership team. The experts will improve governance, risk management, and compliance systems. They will also help the bank meet global anti-money laundering standards. In addition, they will increase transparency across banking operations.
The new leadership can also connect Iraq’s banking sector with the global financial system. Strong governance helps banks build correspondent banking partnerships with major banks in the United States and Europe. These partnerships reduce transaction costs. They also speed up international payments and support trade.
The changes could also attract more foreign investment. International companies often look for trusted financial institutions before investing. RT Bank now offers stronger governance and internationally recognized expertise. As a result, investors may feel more confident about doing business in Iraq and the Kurdistan Region.
RT Bank started providing banking services in July 2001. It opened its headquarters in Erbil in September 2003. The Central Bank of Iraq licensed the bank. Since then, RT Bank has maintained a clean regulatory record and has avoided banking sanctions. The new board represents another important step toward modernizing Iraq’s financial sector and increasing confidence in local banks.
