Arab Monetary Fund Selects Refinitiv as Compliance Provider for Buna, the First Cross-Border Payment System in the Arab region
Refinitiv and the Arab Monetary Fund (AMF) have announced the adoption of World-Check as the preferred anti-money laundering data for “Buna”, the first cross-border payment system in the Arab Region launched by AMF earlier this year.
Buna is a multi-currency payment system that enables financial institutions to send and receive cross-border payments across the Arab region and beyond in local and international currencies. World-Check will equip Buna with a comprehensive source of anti-money laundering data, helping the platform to screen millions of transactions every month.
The Middle East and North Africa (MENA) region is witnessing new promising trends for regulated organization in technology innovation, data management and due diligence awareness. According to the sixth edition of the Refinitiv MENA Financial Crime Survey for 2020, about 83 percent of organizations from across the region plan to dedicate more resources to compliance over the next two years.
Mr. Mehdi Manaa, Buna’s CEO, said: “Our agreement with Refinitiv, a trusted world leader in compliance solutions, comes in line with our objective to adopt best international compliance practice. The integration of data and technology is now critical to address the emerging compliance challenges of transaction processing across countries and currencies.”
“The step cements Buna’s position as a secure and safe channel of investment and trading activities between financial institutions. Our vision is to bring together our participants through a transparent and innovative way that complies with both international standards and regional regulatory requirements. World-Check will help us achieve this vision and meet our ambition of raising the level of compliance of our network” he added.
Nadim Najjar, Managing Director, MENA, Refinitiv, said: “We are proud to be part of this pioneering and innovative project led by the AMF. The transaction processing capacity of Buna is central to the integration of Arab markets, and it is critical for the settlement of payments to be effective and compliant. The system is the region’s first market infrastructure to adopt robust compliance measures on its extensive network of regional participants. It represents an additional layer of compliance to the banks and financial institutions across MENA.”
“Refinitiv will support the Buna’s efforts in enabling financial institutions and Central Banks send and receive cross border payments in local currencies, as well as key international currencies, in a secure, cost effective and compliant environment,” he added.
The risk management of payments and digital transactions has become more challenging following the COVID-19 outbreak. It is critical for Arab financial institutions to deploy sound compliance programs, enhance efficiency, and ensure accuracy of customer due diligence. The adoption of World-Check by Buna will help promote a regional due diligence culture and raise awareness on the significance of technology systems and data integration to help solve anti-money laundering challenges.
Refinitiv offers comprehensive, timely, and trusted information to help customers manage regulatory compliance, enterprise risk and financial crime. Its leading products include World-Check, Qual-ID and its recently expanded Enhanced Due Diligence service.
Source: Refinitiv Press Release