THE ARAB MONETARY FUND HOLDS AN INTERACTIVE WORKSHOP ON COMPLIANCE REQUIREMENTS AND INTERNATIONAL STANDARDS FOR INFORMATION SECURITY AND DATA PROTECTION AT THE “BUNAA” ARAB PAYMENTS PLATFORM

by **claud39** Sat May 08, 2021 9:59 am

THE ARAB MONETARY FUND HOLDS AN INTERACTIVE WORKSHOP ON COMPLIANCE REQUIREMENTS AND INTERNATIONAL STANDARDS FOR INFORMATION SECURITY AND DATA PROTECTION AT THE “BUNAA” ARAB PAYMENTS PLATFORM

2021-05-06

The workshop will be spoken by a group of experts representing specialized international institutions

The workshop hosts more than 200 participants from representatives of central banks, financial and banking institutions from the region and the world

Today, Thursday, May 6, 2021, the Arab Monetary Fund will hold a "remote" workshop to review the frameworks adopted by the "Buna" Arab Payments Platform of the Regional Corporation for Arab Payments Clearing and Settlement owned by the Fund, in the application of international compliance standards with regulations and rules. Combating money laundering and combating the financing of terrorism, ensuring information security and protecting the data of banks participating in the platform.

Speaking at the workshop , a group of experts representing each of Ailosedat " Elucidate ", and Revenatv " Refinitiv ", and De X C " DXC " in addition to the platform "built" the management staff of the Arab payments, for a number of major themes on international compliance and data protection requirements.

More than 200 participants, representing central banks, financial and banking institutions, and financial services providers from the region and the world, are participating in the workshop, to closely examine the activities of the "Bunaa" platform and the development of its business and future plans.

On this occasion, Mr. Mahdi Maneh, CEO of the Regional Corporation for Arab Payments Clearing and Settlement (Bena'a Platform for Arab Payments) said :In implementation of the "Bona" platform vision, which aims to develop the financial infrastructure system, we have been keen on adopting an exceptional and innovative approach by including our payments system the frameworks and capabilities necessary to examine financial transactions and ensure their compliance with anti-money laundering and combating terrorist financing regulations, and not being satisfied with making these tasks a responsibility Exclusively participating banks This trend reflects the nature of the Bana platform as a multi-currency payment system for cross-border payments, so the directors of their Excellencies and Governors of Arab central banks since the establishment of the platform were to include this basic feature as an additional element of compliance with international laws and rules, and to provide adequate standards that allow us Fully adhering to the regulations set by all regulatory and financial authorities whose currencies are listed on the platform, and enhancing confidence in our broad base of innovative services and products.

“Banaa is keen to keep pace with the increasing security needs associated with cross-border payments, and accordingly we have included various governance requirements and systems that enable us to provide a safe and reliable channel equipped with protection and security standards,” Mane added .

It should be noted that the "Buna" platform is an integrated system specialized in providing clearing and settlement services for payments in Arab and international currencies, aiming to enable financial and banking institutions in the Arab region and abroad, including central and commercial banks, to send and receive intermittent payments throughout the Arab region. And outside, in a safe, reliable, cost-effective, and highly effective way. BUNNA provides participants with modern payment solutions that comply with international standards, principles and international compliance requirements. BUNA contributes to enhancing economic and financial integration opportunities in the Arab region and supporting investment ties with trading partners in various continents. It is mentioned that participation in the platform is available to all banks and financial institutions that meet the criteria and conditions for participation in it, foremost among which are the standards and procedures for compliance aspects.

https://www.amf.org.ae/ar/content/%D8%B5%D9%86%D8%AF%D9%88%D9%82-%D8%A7%D9%84%D9%86%D9%82%D8%AF-%D8%A7%D9%84%D8%B9%D8%B1%D8%A8%D9%8A-%D9%8A%D8%B9%D9%82%D8%AF-%D9%88%D8%B1%D8%B4%D8%A9-%D8%B9%D9%85%D9%84-%D8%AA%D9%81%D8%A7%D8%B9%D9%84%D9%8A%D8%A9-%D8%AD%D9%88%D9%84-%D9%85%D8%AA%D8%B7%D9%84%D8%A8%D8%A7%D8%AA-%D8%A7%D9%84%D8%A7%D9%85%D8%AA%D8%AB%D8%A7%D9%84-%D9%88%D8%A7%D9%84%D9%85%D8%B9%D8%A7%D9%8A%D9%8A%D8%B1-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A%D8%A9-%D9%84%D8%A3%D9%85%D9%86