Rinse the rice only briefly, or not at all. The surface starch you would wash away is what thickens the pudding.
Simmer the rice with the water and salt in a heavy pan, uncovered, 10 to 12 minutes, until the water is absorbed and the grains are swollen but still firm.
Add the whole milk and the cinnamon. Bring to a bare simmer and cook 25 to 30 minutes, stirring every few minutes and scraping the bottom.
Stir more often toward the end, when it starts to thicken, because that is when it catches and scorches.
Add the condensed milk and the raisins and cook 5 minutes more, stirring constantly.
Take it off the heat while it still looks loose and pourable, like thin cream. It thickens substantially as it cools.
Stir in the vanilla. Serve warm, or chill and loosen with a splash of milk before serving cold. Dust with cinnamon.