Rafidain Bank Appreciates Integrity Commission's Praise for Exposing Major Fraud Attempt Targeting Public Funds

Rafidain Bank considered, this Thursday, that the Integrity Commission's praise confirms the effectiveness of institutional development methodologies and internal control systems in protecting public funds. The bank stated in a statement that it "appreciates what was stated in the Federal Integrity Commission's statement praising the professional and responsible role of the bank's management and its specialized staff in exposing a major fraud attempt targeting public funds through forged checks and documents". It emphasized that "this qualitative operation was not a passing measure, but rather came as a direct fruit of developing internal control systems, adopting modern verification methodologies, monitoring suspicion indicators, and strengthening compliance and risk management rules, which raised the bank's ability to detect forgery attempts and deal with them with speed and high professionalism". It pointed out that "the vigilance of the bank's staff and their direct coordination with the Integrity Commission and competent judicial authorities contributed to luring the suspects and catching them red-handed inside the bank's general administration, in possession of the forged checks and documents, which confirms that institutional modernization has become a practical tool to protect state funds and citizens' rights". It renewed "its firm commitment to continue developing control, compliance, and anti-money laundering and counter-terrorism financing systems in partnership and coordination with major specialized international institutions, and to enhance the culture of institutional vigilance and professional responsibility within the bank, while firmly confronting any attempt targeting public funds or affecting the reputation and national standing of Rafidain Bank".