The Arab Monetary Fund (AMF) holds a virtual workshop to discuss Buna’s compliance standards and information security certification

The workshop is hosting guest speakers from international specialized entities

More than 200 senior officials will attend, representing central banks and a wide spectrum of financial institutions from the region and beyond

Abu Dhabi, 06 May 2021: The Arab Monetary Fund (AMF) holds today, Thursday May 6, 2021, a workshop to elaborate on the compliance and information security standards that Buna (the cross-border payment system owned by the AMF) had put in place to adhere to the highest international requirements against terrorism and financial crime and protect the data of its participants.

During this workshop, Industry Experts representing Elucidate, Refinitiv, and DXC Technology and Buna executive team will share valuable insights on key topics related to compliance and information security.

The workshop will host more than 200 senior officials representing Arab and international central banks, along with various institutions from the financial, banking and payment sectors in the region and beyond, seeking for valuable information about Buna’s recent developments.

At this occasion, Mehdi Manaa, Chief Executive Officer of Buna said: “As a market infrastructure, we took the unique and innovative position to include anti-money laundering and combating the financing of terrorism checks in the payment system itself rather than maintaining these checks at the level of the participants exclusively. Being a cross-border and multi-currency payment system, we were advised by the Council of Arab Central Banks and Monetary Authorities Governors to add this pillar as an additional layer of compliance to our setup and set our own high-level standard, which ensures full adherence to the requirements of each, and every regulator of the currencies involved in the system and provide all our stakeholders with an additional element of trust. “

Mehdi added: “Buna highly value the increasing security needs accompanying cross-border payments. Therefore, we paid particular attention to implementing governance and system capacities ensuring protection of our participants data and providing secure and safe channels.”

Buna, is a cross-border payment system owned by the Arab Monetary Fund, aiming to enable financial institutions and central banks in the Arab region and beyond to send and receive payments in local currencies as well as key international currencies in a safe, cost- effective, risk-controlled, and transparent environment. Buna offers participants modern payment solutions that comply with international standards, principles, and compliance requirements. Thanks to its cross-border payment system Buna contributes to exploring and strengthening opportunities for economic and financial integration in the Arab region and supporting investment ties with the global trading partners. Buna welcomes the inclusion of all banks that meet the criteria and conditions for participation, primarily the standards and procedures of compliance aspects.