Government bank launches service to combat money laundering and terrorist financing
Economy News – Baghdad
Rafidain Bank announced on Friday the launch of the Internet Banking Service (OBDX Online Banking Digital Experience) after activating the Anti-Money Laundering (AML) systems and the (GOAML Government Online Anti-Money Laundering) system, stressing that the service has been successfully activated in a number of government agencies
The bank explained in a statement received by “Economy News” that this decision comes within the framework of the bank’s strategy to provide a safe banking environment and adhered to the latest international standards to combat money laundering and terrorist financing, as well as facilitating electronic financial transactions for government entities.
The statement added that the OBDX service represents a qualitative leap in the way banking transactions are conducted, as it allows government entities to access their accounts and conduct all their banking operations easily and safely online, indicating that this service helps to speed up operations and reduce reliance on paper procedures, which contributes to improving efficiency and enhancing transparency.
According to the statement, in parallel with the launch of the OBDX service, Rafidain Bank activated the Anti-Money Laundering (AML) and GOAML systems to ensure full compliance with international standards for combating money laundering and terrorist financing.
The bank explained that the AML system automatically monitors financial transactions and analyzes suspicious patterns, while the GOAML system records and analyzes bank data to ensure that it is not used in illegal activities.
Advantages of the OBDX service supported by compliance systems:
1. Superior security: Integrated systems ensure full compliance with international standards, which enhances the security of financial transactions.
2. Global Compliance: The Bank ensures the highest levels of transparency and compliance with international anti-money laundering laws.
3. Accessibility: It enables government entities to conduct financial transactions easily and securely online without the need to visit branches.
Raising efficiency: Reduce traditional procedures and accelerate transactions while ensuring respect for global financial laws and policies.
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