Iraq's Al-Rafidain Bank has launched its Online Banking Digital Experience (OBDX) service after activating anti-money laundering and terrorism financing systems, Al-Mirbad reported on April 11.

The OBDX service, supported by compliance systems, aims to achieve enhanced security through integrated systems that fully comply with international standards, strengthening the security of financial transactions while ensuring the highest levels of transparency and compliance with international anti-money laundering laws.

"In a qualitative step that keeps pace with global trends towards digital transformation and enhancing banking transparency, Al-Rafidain Bank has announced the launch of the OBDX service after activating both the Anti-Money Laundering (AML) system and the Government Online Anti-Money Laundering (GOAML) system," the bank said in a statement.

The service has been successfully activated in several government agencies, according to the bank, as part of its strategy to provide a secure banking environment compliant with the latest international standards for combating money laundering and terrorism financing, in addition to facilitating electronic financial transactions for government entities.

The bank described the system as "an innovative digital banking experience and a qualitative shift in the way banking transactions are conducted," allowing government agencies to access their accounts and perform all banking operations easily and securely online.

"This service helps accelerate operations and reduce dependence on paper procedures, contributing to improving efficiency and enhancing transparency," the statement added.

The bank explained that its AML system automatically monitors financial transactions and analyses suspicious patterns, while the GOAML system records and analyses banking data to ensure they are not used in illegal activities.