The Arab Monetary Fund (AMF), in collaboration with the Saudi Arabian Monetary Authority (SAMA), is pleased to announce the inclusion of the Saudi Riyal in Buna, its regional payment platform. The Saudi Riyal joins a number of Arab and international currencies, including the U.S. Dollars and Euro, to be supported and settled through the Buna platform, which is anticipated to launch soon following the commencement of the central and commercial banks onboarding process.
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