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Rafidain Bank launches work on a project to implement the anti-money laundering and terrorist financing system and the electronic reporting system
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[rtl]Baghdad / NINA / Al-Rafidain Bank announced the launch of work on the project to implement the Anti-Money Laundering and Terrorist Financing (AML) system and the electronic reporting system (Go AmL), based on the requirements of the Central Bank of Iraq and the Anti-Money Laundering and Terrorist Financing Office and in compliance with the recommendations of the Financial Action Organization (FATF) group.
The bank confirmed, in a press statement, that “work has begun as of today, Thursday, January 18, and will continue until all international and local financial requirements are met, to shift towards digital systems in financial transactions in line with the government’s steps to accelerate economic and financial reforms in the country.”
The bank agreed with the company (Capital Bay Solutions Limited), which was contracted to implement the project, with financing from the International Smart Card Company, the bank’s strategic partner. The duration of the project’s completion will be within 6 months and will continue until the international goals and standards are achieved to eliminate fraudulent operations in money laundering and terrorist financing.
The project also provides an increase in the effectiveness of the bank’s compliance system, maintaining the conduct of banking operations to be more secure, and applying the highest level of compliance standards approved by the Central Bank of Iraq.
It is noteworthy that 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 Office of Combating Money Laundering and Terrorist Financing), for the purpose of collecting, managing, analyzing and managing data. Documents, workflow and other statistical needs.
It is noteworthy that this program was prepared 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./End 5[/rtl]
The bank confirmed, in a press statement, that “work has begun as of today, Thursday, January 18, and will continue until all international and local financial requirements are met, to shift towards digital systems in financial transactions in line with the government’s steps to accelerate economic and financial reforms in the country.”
The bank agreed with the company (Capital Bay Solutions Limited), which was contracted to implement the project, with financing from the International Smart Card Company, the bank’s strategic partner. The duration of the project’s completion will be within 6 months and will continue until the international goals and standards are achieved to eliminate fraudulent operations in money laundering and terrorist financing.
The project also provides an increase in the effectiveness of the bank’s compliance system, maintaining the conduct of banking operations to be more secure, and applying the highest level of compliance standards approved by the Central Bank of Iraq.
It is noteworthy that 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 Office of Combating Money Laundering and Terrorist Financing), for the purpose of collecting, managing, analyzing and managing data. Documents, workflow and other statistical needs.
It is noteworthy that this program was prepared 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./End 5[/rtl]
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