Refinitiv and the Arab Monetary Fund announced yesterday the adoption of the global checklist of “World Check” as the preferred source for anti-money laundering data at “Banna” (the regional institution for clearing and settling Arab payments), which is the first cross-border payment system in the Arab region to be launched by a fund. Arab criticism earlier this year.
Bona is a multi-currency payment platform that enables financial institutions to send and receive cross-border payments throughout the Arab region and beyond in local and international currencies. The World-Check will provide Banana with a comprehensive source of anti-money laundering data, helping the platform to inspect and audit millions of transactions every month.
The MENA region is witnessing new promising trends for regulated enterprises in the areas of technological innovation, data management, and customer due diligence awareness. According to the sixth issue of the Refinitiv survey on financial crime in the MENA region for the year 2020, about 83 percent of organizations across the region plan to devote more resources to compliance over the next two years.
“Our agreement with Refinitiv, the global leader in compliance solutions, is in line with our goal of adopting international compliance best practices,” said Mahdi Manna, CEO of BUNA. The integration of data and technology is now critical to address emerging compliance challenges when executing transactions across countries and using multiple currencies. ”
Manna added, “This step strengthens the status of Bennah as a safe and secure channel for investment and trade activities between financial institutions.” Our vision is to provide platform participants with a transparent and innovative system in line with international standards and regional regulatory requirements. The WorldCheck menu will help us achieve this vision and fulfill our ambition to raise the level of compliance with our business network. ”
“We are proud to be part of this pioneering and innovative project led by the Arab Monetary Fund,” said Nadim Najjar, Managing Director for the Middle East and Africa at Refinitiv. Bani’s ability to settle transactions is essential for the integration of Arab markets, and it is crucial that the settlement be effective and in compliance with the provisions. The platform represents the first market infrastructure in the region to adopt robust compliance procedures on its vast network of regional participants. It represents an additional level of compliance for banks and financial institutions across the MENA region. ”
Najjar added, “Refinitiv will support the efforts of the Buna platform to enable financial institutions and central banks to send and receive cross-border payments in local currencies, in addition to major global currencies, within a safe, cost-effective and compliance environment.”
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