Buna (the cross-border payment system operated by Arab Regional Payments Clearing and Settlement Organization “ARPCSO”, owned by The Arab Monetary Fund “AMF”) today, is holding their monthly virtual workshop number 40 to promote strong risk and compliance awareness within its ecosystem and detail the Buna compliance framework.
Buna is committed to propagating strong compliance awareness and the workshop will highlight the need to ingrain a culture of compliance in the payment ecosystem. As such, the workshop will also host high-level guest speakers representing the U.S Treasury and the European Central Bank who will share valuable insights and trends and expand on the topic of financial crime in cross-border payments ecosystem. A Buna executive will also detail the compliance framework used in Buna that further strengthens the commitment to achieving key objectives by following the necessary conformity and security standards.
In addition, the workshop will host senior representatives from participating banks in the UAE who will share their experience to date in utilizing Buna’s system, and expanding the service across multiple channels, establishing Buna’s position in the Arab world for safe and efficient cross-border payments.
The workshop will be attended by over 200 senior officials representing central banks and a wide spectrum of institutions from the financial, banking and payment sector from the region and other international markets.
At this occasion, Mehdi Manaa, Chief Executive Officer of Buna said: “Buna’s commitment to compliance is at the core of our mission to provide a secure and resilient system for the Arab region and beyond. We are diligent and dedicated to working closely with all stakeholders, to set the highest standards for transparency and security in cross-border payments.” Mehdi added: “We leverage advanced technology and promote a strong risk and compliance awareness to our participants, contributing to the efforts of transforming cross-border payments systems and eliminating challenges in line with our goal to strengthen resilience and safety.”