Rafidain Bank Expands Anti-Money Laundering System to 20 Branches
On Sunday, Iraq’s state-owned Rafidain Bank announced that it has added 14 more branches to its anti–money laundering (AML) system, bringing the total number of branches operating under updated regulatory standards to 20.
The bank said this expansion is part of its ongoing efforts to strengthen financial security, improve transaction transparency, and align with national and international compliance rules.
Background: Regulatory Updates
The move follows a directive from Iraq’s Central Bank (CBI) requiring all licensed banks to implement new standards for commercial invoices. These measures aim to:
- Increase transparency in financial transfers
- Streamline customs clearance processes
The circular specifies that invoices must now include detailed information such as:
- Shipping and payment terms
- Invoice value and currency
- Global Harmonized System (HS) code
- Importer and consignee addresses
- Clear description of goods, including country of origin, brand, quantity, unit of measure, and unit/total prices
This step underscores Rafidain Bank’s commitment to modernizing its operations and supporting Iraq’s broader financial compliance efforts.
