Rafidain Bank launches a banking transactions monitoring system in a number of its branches.
Rafidain Bank, in partnership with leading global and international institutions, announced the launch of the Daily Financial Transactions Monitoring (AML) system in six major branches of regulatory importance: Al Waziriyah, Al Muheet, Al Rafie, Al Dora Oil Complex, Zurbatiyah, and Safwan.
The bank said in a statement received by {Euphrates News} that: “The remaining branches will be included successively,” indicating that “this achievement comes as part of the bank’s commitment to implementing strict international standards in combating money laundering and terrorist financing, which is a basic requirement to enhance confidence in the Iraqi banking sector regionally and globally.”
He explained, “The new system enables advanced monitoring and analysis of financial transactions, which helps detect suspicious activities and reduce the risks associated with financial crimes. It also provides accurate centralized audit procedures by the Anti-Money Laundering Reporting Department to ensure full compliance with international regulations.”
The bank added, “This transformation also represents a qualitative leap, as it keeps pace with the latest global banking technologies, enhances transparency, and reduces reliance on paper-based procedures. This contributes to accelerating inspection and auditing processes and achieving unprecedented levels of financial security and economic stability.”
He stated, “With this step, the bank affirms its leadership in developing the Iraqi banking sector and preparing it for integration into global financial markets, which will enhance the confidence of investors and international correspondents and position Iraq in a leading position within the regional and international financial system.”
Alforatnews.iq