Iraq’s fight against money laundering: Rafidain launches new service

Shafaq News/ On Friday, Iraq's Rafidain Bank introduced its new online banking service, OBDX (Online Banking Digital Experience), along with the activation of the Anti-Money Laundering (AML) and GOAML systems.

In line with this service, already successfully implemented by several government entities, Rafidain Bank’s AML and GOAML systems will monitor and analyze transactions to ensure they comply with global regulations and prevent illegal activities, according to a statement from the bank.

Key Features of the OBDX Service, Backed by Compliance Systems

1. Enhanced Security: Integrated compliance systems ensure full adherence to international standards, safeguarding the security of financial transactions.

2. Global Compliance: The bank guarantees the highest levels of transparency and compliance with international anti-money laundering and terrorism financing laws.

3. Ease of Access: Government entities can securely manage transactions online, eliminating the need to visit physical branches.

4. Increased Efficiency: The service streamlines traditional procedures, accelerates transactions, and ensures compliance with global financial regulations.

In March, the bank introduced a daily transaction monitoring system to strengthen AML compliance and enhance financial transparency.