KTFA

FRANK26: "AML FOR S&S OF IQD"..........F26

 An international system tracks financial activity in six branches of Rafidain Bank.

3/24/2025

Rafidain Bank has begun implementing a modern financial monitoring system in six of its branches, in compliance with international standards to prevent money laundering and terrorist financing.

A banking consultant says the first phase of this step will last three months under the supervision of two foreign companies to compare figures.

A statement from Rafidain Bank detailed the aforementioned system for monitoring daily financial transactions, known as AML.

The six branches in which the monitoring system has been implemented are located in Baghdad and Basra governorates.

Banking consultant Hafidar Shaaban told Rudaw Media Network that "the system is being implemented in three phases. The first phase began on March 15 and will continue until June 15. It is being implemented by Ernst & Young and K2 Lee."

Ernst & Young and K2 Lee are financial auditing firms that monitor financial and monetary transactions in Iraq.

Rafidain Bank indicated in its statement that this step comes within the framework of its commitment to international standards for preventing money laundering and terrorist financing, and is one of the basic requirements for raising the level of confidence in the Iraqi banking sector regionally and internationally.

This new control system can analyze and identify financial movements, plays a role in detecting suspicious activities, and will have an impact in reducing the risks associated with financial crimes.

It is worth noting that Rafidain Bank is an official bank affiliated with the Federal Ministry of Finance. In its statement, it stated that it will activate the AML control system installation procedure in all its branches.

On February 4, 2025, Rafidain Bank directed its branches to prepare for 18 potential money laundering scenarios to identify suspicious financial activities.

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