Aiming to comply with international standards
Rafidain Bank implements anti-money laundering and terrorism financing systems
BAGHDAD, January 18 – Rafidain Bank announced the start of a series of systems to combat money laundering and terrorism financing in the Iraqi banking system on Thursday.
A statement from the bank detailed the new measures:
Rafidain Bank has announced the start of the Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) system, as well as the electronic reporting system (Go AML). This initiative is in accordance with the requirements of the Central Bank of Iraq and the Anti-Money Laundering and Terrorism Financing Bureau, demonstrating commitment to the recommendations of the Financial Action Task Force (FATF).
The bank affirmed that the project officially started January 18, 2024 and will continue until achieving all international and local financial requirements. The bank clarified that the aim of this project is to elevate banking operations towards digital systems in financial transactions, aligning with the government’s steps to accelerate economic and financial reforms in the country.
The bank entered into an agreement with Capital Business Solutions Limited, the contracted company responsible for project’s implementation, financed by the Global Smart Card Company, the bank’s strategic partner.
The project is expected to be completed within six months, with ongoing efforts until meeting international standards for combating fraud in money laundering and terrorism financing.
This project enhances the efficiency of the bank’s compliance system and ensures the safety of banking operations, implementing the highest level of compliance standards set by the Central Bank of Iraq.
The system is an integrated software solution developed by the United Nations Office on Drugs and Crime (UNODC), designed for use by Financial Intelligence Units (FIUs), including the Anti-Money Laundering and Terrorism Financing Bureau, for data collection, management, analysis, document management, workflow, and other statistical needs.
It is worth mentioning that this program has been prepared to receive, process, and analyze reports submitted by financial institutions or other entities in accordance with local anti-money laundering laws, regulations, and international standards.
Rafidain Bank emphasizes responsible use of electronic cards
