The Arab Monetary Fund (AMF) announces the initiation of the participant onboarding process in Buna Payment Platform, spanning central and commercial banks. In this respect, the AMF also announces that the U.S. Dollar and Euro will be among the initial currencies to be supported and settled by the platform at launch.
Buna is a multi-currency payment platform that supports cross-border payments in eligible local and international currencies across the Arab region and beyond, with links to the major trading partners.
Buna employs 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. Additionally, the Buna Platform applies currency-specific sanctions required by the relevant authorities of the potential currencies.
Moreover, commercial banks who meet participation eligibility criteria, which include rigorous compliance requirements, will be able to participate in the platform.
© Press Release 2020