IRAQ - Rafidain Bank Launches Anti-Money Laundering and Electronic Reporting System
Rafidain Bank, one of the leading banks in Iraq, has announced the launch of its implementation of the Anti-Money Laundering (AML) and Electronic Reporting System, also known as GoAML. This move is part of the bank’s commitment to recommendations made by the Financial Action Task Force (FATF) and aligns with requirements set by the Central Bank of Iraq and the Anti-Money Laundering and Terrorism Financing Bureau.
Enhancing Banking Operations
The implementation began on January 18th, 2024, and is expected to be completed within six months. The project aims to enhance banking operations, aligning with the government’s efforts to accelerate economic and financial reforms in the country.
A Comprehensive Solution
The GoAML system is an integrated software solution developed by the United Nations Office on Drugs and Crime (UNODC) for use by Financial Intelligence Units (FIUs), including the Anti-Money Laundering and Terrorism Financing Bureau. The system will enable the collection, management, analysis, document management, workflow, and other statistical needs for financial transactions.
Key Features
- Increase effectiveness of the bank’s compliance system
- Maintain security of banking operations
- Apply highest level of compliance standards set by the Central Bank of Iraq
Partnership with Capital Banking Solutions Limited
Rafidain Bank has partnered with Capital Banking Solutions Limited, a contracted company funded by the Global Smart Card Company, the bank’s strategic partner. The company has over 25 years of experience in developing and integrating innovative banking solutions for international banks.
About Capital Banking Solutions
- Offers range of products to address needs and challenges of the banking market
- Serves over 200 banking and financial institution clients worldwide
Rafidain Bank’s History
Rafidain Bank has a long history dating back to 1941 and has undergone several transformations and changes, securing advanced positions among Arab banks in the region. Today, it operates with a network of 180 branches across Iraq and beyond, providing modern banking services to citizens.
Expected Outcomes
The implementation of the GoAML system is expected to contribute to the enhancement of banking operations in Iraq, aligning with global standards and best practices in anti-money laundering and terrorism financing. The project is a significant step forward for Rafidain Bank in its commitment to providing secure and efficient banking services to its customers.
By implementing the GoAML system, Rafidain Bank demonstrates its commitment to adhering to international standards and best practices in anti-money laundering and terrorism financing, ensuring the security and efficiency of its operations.