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In compliance with FATF recommendations
Al-Rafidain begins work on the draft system for combating money laundering and terrorist financing
14:40
In compliance with FATF recommendations
Al-Rafidain begins work on the draft system for combating money laundering and terrorist financing
14:40
Baghdad – 964
On Thursday, Rafidain Bank announced the launch of work on a project to implement the anti-money laundering and terrorist financing (AML) system and the electronic reporting system, in compliance with the recommendations of the Financial Action Organization (FATF) group.A statement from the bank, a copy of which was received by the 964 Network:
Al-Rafidain Bank announces 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 that work began as of today, January 18, 2024, and will continue until all international and local financial requirements are met.
The bank explained that the aim of this project is to advance banking work and 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 Capital Bay Solutions Ltd., the contracted company to implement the project, with financing from the International Smart Card Company, the bank’s strategic partner.
The project completion period is within 6 months and will continue until international goals and standards are achieved to eliminate money laundering and terrorist financing fraud.
The project provides an increase in the effectiveness of the compliance system in the bank and maintains 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 Office of Combating Money Laundering and Terrorist Financing), for the purpose of collecting, managing and analyzing data, document management and workflow. Business and other statistical needs.
[color:621e=rgba(0, 0, 0, 0)]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.
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