Rafidain launches its report on combating money laundering and terrorist financing, 24 sept

 Rafidain Bank declared today, Tuesday, the send off of its report on the phases of battling tax evasion and fear based oppressor supporting.

The bank said in a statement that “the stages of combating money laundering and terrorist financing and the procedures that contributed to achieving this achievement and due diligence towards customers and using the best models for opening accounts and updating other customer information, in addition to obtaining monitoring and follow-up programs that prevent any illegal transactions through suspicious activities, confronting them and reporting them to the concerned authorities” were among the steps in the process of preventing money laundering and terrorist financing.

That’s what he added “the report mirrors the degree of obligation to executing global norms for fighting tax evasion and psychological oppressor supporting and the endeavors made by the bank to battle wrongdoings, as per worldwide principles in such manner.”

That’s what the assertion demonstrated “the moves toward execute the AML framework (Hostile to Illegal tax avoidance and Fear monger Supporting Framework) connected with Rafidain Bank since foundation and the stages have been carried out are as per the following:

1-Contracting with Capital B. Arrangements Ltd on 12-17-2023 to get a specific framework to battle tax evasion for people and elements that have monetary exercises with the bank, and as per the prerequisites of the National Bank of Iraq and the Counter Illegal tax avoidance Unit, where four projects will be executed for the accompanying undertakings:

• Risk profiling of the bank’s clients
• Executing the situations endorsed by the National Bank of Iraq and the necessities of the Counter Illegal tax avoidance Unit
• Observing uncommon client developments (Evaluating and Checking)
• Executing the (Go Aml) program to extricate reports to distinguish and report dubious exchanges and transfer them to the (Go Aml) stage or gateway as per the prerequisites of hostile to illegal tax avoidance regulations and guidelines and as per neighborhood and global norms.
• Checking customer names against local and international sanctions lists, which contain a wide variety of people, organizations, and entities involved in international sanctions and restrictions.
• Executing the FATCA program for US charge consistence to battle tax avoidance by the bank’s clients who have US citizenship. 2-Framework stages

The phase of getting ready framework prerequisites.. The bank has arrived at cutting edge phases of accomplishment, which are as per the following:

• Setting up the framework to work the framework (test climate) – Creation climate and getting correspondences.
• Planning client risk arrangement prerequisites for people and elements on the framework as per the gamble network that relies upon the rules (wellspring of assets – nature of home – sort of administration – area of client movement – action of the individual or organization – nature of the individual – kind of organization) and the gamble classification (low – medium – high – extremely high).
• Changing framework settings and checking the activity of screens
• The (AML) framework was connected to the financial framework data set (Center Bank) by separating information from the financial framework data set in a safe way and passing it to the (AML) framework consistently.
• Preparing the concerned gatherings from the Counter Illegal tax avoidance and Counter-Psychological warfare Announcing Division and the Data Innovation Division on the framework, as indicated by the specialization, utilitarian and specialized necessities of the framework, jobs and powers.

1. The project’s current phase, the system inspection and acceptance phase (UAT).

• The specific and prepared group on the framework investigates the framework screens as per the prerequisites of the bank, the National Bank of Iraq and the Counter Tax evasion Unit
• Submitting week by week remarks and reports and submitting them to the executing organization to make alterations and right them.
  4-The phase of gaining global assents records.