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THE ARAB MONETARY FUND ORGANIZES THE SECOND WORKSHOP REMOTELY TO PLACE COMMERCIAL BANKS ON THE "BENI" PLATFORM FOR ARAB PAYMENTS DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

THE ARAB MONETARY FUND ORGANIZES THE SECOND WORKSHOP REMOTELY TO PLACE COMMERCIAL BANKS ON THE "BENI" PLATFORM FOR ARAB PAYMENTS

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THE ARAB MONETARY FUND ORGANIZES THE SECOND WORKSHOP REMOTELY TO PLACE COMMERCIAL BANKS ON THE "BENI" PLATFORM FOR ARAB PAYMENTS Empty THE ARAB MONETARY FUND ORGANIZES THE SECOND WORKSHOP REMOTELY TO PLACE COMMERCIAL BANKS ON THE "BENI" PLATFORM FOR ARAB PAYMENTS

Post by claud39 on Fri Apr 17, 2020 9:09 am

THE ARAB MONETARY FUND ORGANIZES THE SECOND WORKSHOP REMOTELY TO PLACE COMMERCIAL BANKS ON THE "BENI" PLATFORM FOR ARAB PAYMENTS


2020-04-16

THE ARAB MONETARY FUND ORGANIZES THE SECOND WORKSHOP REMOTELY TO PLACE COMMERCIAL BANKS ON THE "BENI" PLATFORM FOR ARAB PAYMENTS Logo-ar










Wide participation of Arab and international banks

Definition of the procedural rules for platform operations

 Discuss the framework for compliance of Bani operations with international principles and standards and
with requirements to combat money laundering and terrorist financing operations

Thursday 16 April 2020   

 

After announcing the launch of the "Beni" platform for Arab payments of the regional institution for the clearing and settlement of Arab payments owned by the Arab Monetary Fund, the Arab Monetary Fund continues its efforts in following up the process of procedures for attaching central and commercial banks to the platform. In this context, the Arab Monetary Fund is organizing this second Thursday, April 16th, workshop, the second “tele-workshop” to join banks (the fifth in a series of communication workshops with banks), with the participation of senior officials from more than 45 banks operating in The Arab region and beyond, which have indicated their willingness to join the platform in the early stages of its launch. 

The workshop discusses the platform's compliance framework, in particular the enhanced “structures” capabilities to ensure that platform operations comply with relevant international principles and standards, foremost among which are standards related to combating money laundering and terrorist financing operations, as well as complying with the regulations for the currencies used on the platform. Discussions also cover an explanation of the procedural rules for the work of the platform, which was previously completed in accordance with the participating central and commercial banks. This workshop is considered the second leg of a series of focused workshops that tackles several strategic issues and is organized over a number of weeks in a digital format from a distance, given the current conditions.  

It is worth noting that the "Bani" platform represents a multi-currency payment platform that provides clearing and settlement services in Arab currencies and international currencies that meet the eligibility requirements, for clearing and settling inter-Arab financial transactions as well as financial transactions between Arab countries and the main trading partners of the Arab countries. 

The platform aims to enable financial and banking institutions in the Arab region, including central and commercial banks, to send and receive inter-payments across the Arab region and beyond in a safe and reliable manner at an appropriate cost and high effectiveness. The Bani platform provides participants with modern payment solutions that comply with international standards, principles and international compliance requirements. The platform contributes to enhancing opportunities for economic and financial integration in the Arab region and supporting investment links with the trading partners of Arab countries on various continents.

It is mentioned that the platform is available to all banks that meet the criteria and conditions for participation in it, at the forefront of which are the standards and procedures for compliance aspects.

On this occasion, His Excellency the Director General of the Chairman of the Arab Monetary Fund, Dr. Abdul Rahman bin Abdullah Al Hamidi, expressed his happiness for the great response from central and commercial banks in the Arab region to participate in the platform, highlighting the interest of financial and banking institutions in the services of the platform and its strategic importance, noting the great importance that has been Paying attention to the compliance, compliance and risk management aspects of building the platform, in order to enhance the efficiency and safety of the platform and its operations. His Excellency also renewed his sincere appreciation and gratitude to the Excellencies, Governors of central banks and Arab monetary institutions for their support to the Fund's efforts in establishing the platform.





claud39
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