In preparation for the launch of the Buna regional payment platform affiliated to the Arab Monetary Fund (AMF), and as central and commercial banks commence the onboarding process to join the Buna platform, AMF in collaboration with the Central Bank of the United Arab Emirates is pleased to announce the inclusion of the Emirati Dirham (AED) in Buna for the clearing and settlement of payments, alongside the U.S. Dollars and the Euro, as well as other Arab and international currencies to be annouced soon.
Buna is a multi-currency payment platform that clears and settles cross-border payments in eligible Arab and international currencies across the Arab region and beyond, with links to to major trade 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 all relevant international standards and requirements. Additionally, the Buna Platform applies all 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