Iraq’s Al-Rafidain bank: New AML system deployed

Shafaq News/ On Saturday, Iraq’s state-owned Al-Rafidain Bank launched a daily transaction monitoring system to reinforce anti-money laundering (AML) compliance and boost financial transparency.

According to the bank’s statement, the system, developed with international partners, will be deployed initially at six key branches: Al-Waziriyah, Al-Muheet, Al-Rafii, Dora Oil Complex, Zurbatiyah, and Safwan, with additional locations to follow.

“This reflects our commitment to global AML and counter-terrorism financing standards,” the bank stated, noting the move aims to strengthen trust in Iraq’s banking sector.

The platform enables real-time surveillance of financial activity, centralized auditing via the AML Reporting Department, and improved detection of suspicious transactions.