Rafidain integrates 14 new branches into AML system

Shafaq News – Baghdad

Iraq’s state-owned Rafidain Bank on Sunday added 14 branches into its anti–money laundering (AML) system, bringing the total to 20 branches operating under updated regulatory standards.

In a statement, the bank noted that the expansion is part of ongoing efforts to strengthen financial security, improve transparency in daily transactions, and align operations with national and international compliance requirements.

The initiative follows an earlier directive from Iraq’s central bank (CBI) requiring all licensed banks to adopt new standards for commercial invoices, aimed at increasing transparency in financial transfers and streamlining customs clearance.

The circular specified that commercial invoices must include comprehensive details such as shipping and payment terms, invoice value and currency, and the global harmonized system (HS) code.

It also required the inclusion of importer and consignee addresses, a clear description of the goods, their country of origin and brand, and the quantity, unit of measure, as well as both unit and total prices.