Iraq's Rafidain Bank announced on August 14 it has signed a professional partnership agreement with an American consultancy specialising in risk, governance and compliance in the financial services industry.

Bank director Ali Kareem Hussein Dhahir al-Fatlawi said the agreement with New York-based K2 Integrity was signed at Iraq's embassy in Washington.

The partnership represents "a new strategic step reflecting Iraq's growing financial standing on the international stage," al-Fatlawi said in a statement released by the Iraqi embassy.

Under the agreement, K2 Integrity will provide comprehensive services including anti-money laundering and counter-terrorism financing measures, compliance systems implementation aligned with international standards, and strengthening regulatory frameworks for Iraqi banks.

The collaboration forms part of the Iraqi government's strategy to build a robust and transparent financial sector capable of keeping pace with global economic transformations whilst establishing Iraq as a promising financial hub in the region.

Al-Fatlawi described the partnership as "a qualitative leap in the banking reform process," noting it would help boost confidence in Iraqi banks and open broader avenues for cooperation with correspondent banks worldwide.

The agreement supports government objectives to build a strong, transparent financial sector compliant with international best practices, he added.

The bank director characterised the signing as an extension of the government's approach to launching strategic projects that enhance Iraq's position as a regional financial centre and reinforce its image as a nation capable of confidently adapting to global economic changes.