Baghdad, Iraq – Rafidain Bank, Iraq’s state-owned bank, has added 14 more branches to its anti–money laundering (AML) system. Consequently, the total now reaches 20 branches under updated regulatory standards. This expansion underscores the bank’s commitment to stronger financial security and greater transaction transparency.
The Rafidain AML system expansion is part of ongoing efforts to align operations with both national and international compliance requirements. Moreover, it strengthens safeguards against money laundering and boosts public trust in Iraq’s financial sector.
This initiative follows a directive from Iraq’s central bank (CBI). Accordingly, the CBI instructed all licensed banks to adopt updated standards for commercial invoices. As a result, banks must ensure clear and accurate financial transfers while also streamlining customs processes.
Under the new CBI rules, commercial invoices must include shipping and payment terms, invoice value, currency, and the harmonized system (HS) code. In addition, invoices must list importer and consignee addresses, describe the goods, show country of origin and brand, and indicate quantity, unit price, and total price.
Rafidain Bank said the branch expansion is a key step in implementing these standards. Furthermore, integrating the new branches into the AML system allows the bank to monitor transactions more efficiently for suspicious activity.
Bank officials emphasized that the updated AML system improves transparency in daily operations. Additionally, it ensures that all branches strictly follow anti-money laundering policies and regulatory guidelines.
Experts note that the Rafidain AML system aligns Iraq’s banking sector with international best practices. Therefore, it not only strengthens domestic financial security but also enhances investor confidence.
The system also helps Rafidain detect and prevent money laundering activities. Moreover, it reduces risks related to illegal transactions and improves reporting accuracy.
Looking ahead, Rafidain plans to expand the AML system to all its branches nationwide. Consequently, this phased rollout will guarantee consistent compliance and robust safeguards across its network.
The Rafidain AML system demonstrates Iraq’s focus on improving banking transparency. By enhancing compliance and monitoring, the bank sets a benchmark for secure and accountable financial services in the country.
