IRAQ’S RAFIDAIN BANK TAKES MAJOR STEP IN FIGHT AGAINST MONEY LAUNDERING WITH ANT-MONEY LAUNDERING SOFTWARE SOLUTIONS
A New Era in Banking Operations: Rafidain Bank Launches GoAML System
Baghdad, Iraq - Rafidain Bank has announced the launch of its Anti-Money Laundering (AML) and Electronic Reporting System, known as GoAML, in compliance with the requirements of the Central Bank of Iraq and the Anti-Money Laundering and Terrorism Financing Bureau.
Project Implementation Details
- The implementation of the project began on January 18th, 2024.
- The project is expected to be completed within six months.
- Rafidain Bank has partnered with Capital Banking Solutions Limited, a leading provider of innovative banking solutions, to implement the project.
- The project is funded by Global Smart Card Company, Rafidain Bank’s strategic partner.
About GoAML System
The GoAML system is an integrated software solution developed by the United Nations Office on Drugs and Crime (UNODC) for Financial Intelligence Units (FIUs), including the Anti-Money Laundering and Terrorism Financing Bureau. The system will enable Rafidain Bank to:
- Collect, manage, analyze data
- Document management
- Workflow
- Other statistical needs
Goals of the Project
The project aims to enhance banking operations by moving towards digital systems in financial transactions, aligning with the government’s steps to accelerate economic and financial reforms in Iraq. The implementation of GoAML is also expected to:
- Increase the effectiveness of the bank’s compliance system
- Maintain the security of banking operations
- Apply the highest level of compliance standards set by the Central Bank of Iraq
About Rafidain Bank
Rafidain Bank, one of Iraq’s largest banks, has a long history dating back to 1941. The bank has undergone significant transformations since its inception, securing advanced positions among Arab banks in the region. With a network of over 180 branches across Iraq and beyond, Rafidain Bank is committed to providing modern banking services to its customers.
About Capital Banking Solutions
Capital Banking Solutions, the partner company implementing the project, has over 25 years of experience in developing innovative banking solutions for international banks. The company’s software solutions are designed to address the needs and challenges of the banking market, with a focus on:
- Universality
- Retail banking
- Corporate banking
- Private banking
- Islamic banking
- Microfinance
- Neo-banks
- Family offices
- Asset management and brokerage companies
Expected Impact
The implementation of GoAML is expected to have a significant impact in the fight against money laundering and terrorism financing in Iraq. The system will enable financial institutions to submit reports in accordance with local Anti-Money Laundering laws and international standards, increasing transparency and reducing the risk of fraudulent activities.
By implementing GoAML, Rafidain Bank demonstrates its commitment to maintaining the highest level of compliance standards and fighting against money laundering and terrorism financing in Iraq.