AL-RAFIDAIN LAUNCHES THE PROJECT TO IMPLEMENT THE ANTI-MONEY LAUNDERING AND COMBATING THE FINANCING OF TERRORISM LAW BY MNT GOAT, 22 JAN

AL-RAFIDAIN LAUNCHES THE PROJECT TO IMPLEMENT THE ANTI-MONEY LAUNDERING AND COMBATING THE FINANCING OF TERRORISM LAW

Baghdad Today – Baghdad

Rafidain Bank announced on Thursday (January 18, 2024) the launch of the project to implement the Anti-Money Laundering and Combating the Financing of Terrorism Law and the Electronic Reporting System based on the requirements of the Central Bank and the Anti-Money Laundering Office and in compliance with the recommendations of the Financial Action Task Force (FATF).

The bank confirmed in a statement received by “Baghdad Today” that “the work began from today and continues until the achievement of all international and local financial requirements,” explaining that “the goal of this project is to upgrade the banking business to shift towards digital systems in financial transactions in line with the government’s steps to accelerate economic and financial reforms in the country.”

According to the statement, “the bank agreed with Capital B Solutions Ltd., which is contracted to implement the project, funded by the International Smart Card Company, the bank’s strategic partner, and the duration of the completion of the project within 6 months and Continue until achieving international goals and standards to eliminate fraud in money laundering and terrorist financing.”

“The project provides for increasing the effectiveness of the bank’s compliance system and maintaining the conduct of banking operations to be safer and to apply the highest level of compliance standards approved 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 ( FIU’s ) (including the Anti-Money Laundering and Combating the Financing of Terrorism Office), for the purpose of data collection, management, analysis, document management, workflow and other statistical needs.”

“This program is designed to receive, process and analyze reports submitted by financial institutions or other entities in accordance with the requirements of local anti-money laundering laws and regulations and international standards,” it is noted.

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