Arab Monetary Fund: Euro and USD included in payment platform
Friday, 01 10 2020, Category: Economy, Country: Middle East
The Arab Monetary Fund (AMF) on Thursday launched the participant onboarding process in 'Buna Payment Platform', for central and commercial banks, with the US Dollar and Euro among the initial currencies to be supported and settled by the platform upon initiation.
Buna, which is a multi-currency payment platform with links to the major trading partners, supports cross-border payments in eligible local and international currencies all over the Arab region and beyond, according to a recent press release.
Moreover, the platform deploys “enhanced compliance screening capabilities, in line with industry standards and in compliance with international sanctions and Anti-Money Laundering and Countering Financing of Terrorism (AML / CFT) requirements, as well as relevant international standards and requirements."
It further applies currency-specific sanctions that are required by competent authorities of the potential currencies.