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Showing results for tags 'compliance with international standards'.
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Al-Rafidain launches the electronic system to combat money laundering and terrorist financing 2023.03.02 - 15:27 Baghdad - people Al-Rafidain Bank launched, on Thursday, the electronic anti-money laundering and terrorist financing system "AML & GOAML". The bank said in a statement that “NAS” received a copy of it, (March 2, 2023), that “in implementation of the directives of the Central Bank of Iraq and in compliance with and implementation of international standards and requirements and instructions issued by the Office of Combating Money Laundering and Terrorist Financing, the general manager of the bank inaugurated the electronic search and investigation system for combating money laundering.” and terrorist financing. He explained that "the system was completed by a specialized company, in cooperation and coordination with the Money Laundering Reporting Division in the bank, in accordance with local and international requirements." He pointed out that "the system, which was implemented for the first time in the bank, allows it to be used to link the local and international ban lists electronically, knowing the names of the banned, and protecting the bank and its financial accounts from people on the ban lists for the purpose of monitoring suspicious financial transactions and reporting them to the Anti-Money Laundering and Terrorist Financing Office." And the bank indicated that the system is "concerned with receiving reports and financial data through electronic linkage with all agencies obligated to report, whether local or international, exchanging information with law enforcement agencies, and standing up on suspicions of money laundering and terrorist financing."
