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Emirati dirham included as settlement currency in AMF's Buna payment platform

  • UAE News
  • 12 Feb 2020
  • 12:00 AM

The Arab Monetary Fund, AMF, in collaboration with the Central Bank of the UAE, has announced the inclusion of the Emirati Dirham, AED, in Buna, a multi-currency payment platform, for the clearing and settlement of payments, alongside the US dollar and the euro, as well as other Arab and international currencies to be announced soon. The move is in preparation for the launch of Buna's regional payment platform affiliated with the Arab Monetary Fund, and as central and commercial banks commence the onboarding process to join the platform. Buna is a payment platform that clears and settles cross-border payments in eligible Arab and international currencies across the Arab region and beyond, with links 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.