Insight
Rafidain Bank announces the launch of the implementation of the Anti-Money Laundering (AML) and Electronic Reporting System (GoAML)

Rafidain Bank announces the launch of the implementation of the Anti-Money Laundering (AML) and Electronic Reporting System (GoAML), in accordance with the requirements of the Central Bank of Iraq and the Anti-Money Laundering and Terrorism Financing Bureau, as a commitment to the recommendations of the Financial Action Task Force (FATF).

The bank stated in a press release that the implementation began on the date of 18/1/2024 and will continue until all international and local financial requirements are met.

The bank clarified that the objective of this project is to enhance banking operations, moving towards digital systems in financial transactions, aligning with the government’s steps to accelerate economic and financial reforms in the country.

The bank has partnered with the contracted company, Capital Banking Solutions Limited, to implement the project, funded by the Global Smart Card Company, the bank’s strategic partner.

The project is expected to be completed within 6 months, with ongoing efforts until achieving international goals and standards to eliminate fraudulent activities in money laundering and terrorism financing.

The project aims to increase the effectiveness of the bank’s compliance system, maintaining the security of banking operations and applying the highest level of compliance standards set by the Central Bank of Iraq.

This system is an integrated software solution developed by the United Nations Office on Drugs and Crime (UNODC) to be used by Financial Intelligence Units (FIUs), including the Anti-Money Laundering and Terrorism Financing Bureau, for collecting, managing, analyzing data, 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 and international standards.

About Rafidain Bank

The Rafidain Bank’s journey began its operations  in 1941 and has witnessed a history marked by a series of transformations and changes, securing advanced positions among Arab banks in the Arab world.

In 1997, it was transformed into a state-owned public company aiming to contribute to supporting the national economy. It has a network of 180 branches spread across Iraq and beyond, specifically in Oman, Beirut, Abu Dhabi, Cairo, Yemen, and Bahrain.

Rafidain Bank is considered a fundamental pillar in providing services to citizens, introducing modern technologies, and completing electronic operations in line with global systems. It adopts a comprehensive banking system to keep pace with the advanced information technology revolution in global banks, facilitating the speed of transactions and simplifying procedures, away from bureaucracy and routine work. Additionally, the bank invests in training courses for its employees to enhance their qualifications, increase productivity, and expand their knowledge with global experiences.

 About Capital Banking Solutions

For over 25 years, Capital Banking Solutions has been developing and integrating innovative banking solutions tailored to various international banks. Leveraging our expertise, extensive experience, and ongoing research and development efforts, we offer a broad range of innovative products to address the needs and challenges of the banking market and our 200 banking and financial institution clients.

We are leaders in universal banking, retail banking, corporate banking, private banking, Islamic banking, microfinance, neo-banks, family offices, and asset management and brokerage companies. Our software solutions are open architecture, modular, and available on both cloud and on-premise platforms. With 300 expert employees based in France, Switzerland, Lebanon, Ivory Coast, Morocco and the USA, we ensure seamless product support, services, and a close relationship with all our clients.

 

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