Al Baraka is aiming to keep pace with technological change

Al Baraka is aiming to keep pace with technological change

Al Baraka Bank Egypt has implemented SAS’ Anti-Money Laundering (AML) solution with the help of Data Gear to provide Foreign Account Tax Compliance (FATCA) across all of the bank’s branches.

The new platform was deployed by Cairo-based Data Gear, using components of the SAS AML 6.2 solution. It has been interfaced to Al Baraka Bank’s core banking system, Misys’ Fusionbanking Equation platform.

SAS AML will prevent tax evasion and fines, as well as offer pre-built workflows for the identification of US and international regulations.

Al Baraka Bank Egypt, a subsidiary of the Al Baraka Banking Group, has 29 branches and four currency exchange offices across the country.

Growing complexity

One pf the key drivers behind the new deployment, according to Adel Mohammed Ahmed Elalem, CIO, Al Baraka Bank Egypt, was ‘the growing complexity of today’s regulatory environment both locally and internationally’.

Vice-chairman and CEO at Al Baraka Bank Egypt, Ashraf Ghamrawy, adds that the bank is keen to implement systems of best practice to keep up with the changing face of modern technology.

Egyptian acquisitions

Commercial International Bank (CIB), one of the major Egyptian banking players, gained approval from the Central Bank of Egypt last year to acquire Citibank’s retail banking and card businesses in the country.

Al-Ahli Bank of Kuwait, meanwhile, was given the green light to buy up Piraeus Bank Egypt for $150m, of which 98.5% will be paid in cash. The deal saw the end of Greece-based Piraeus Bank’s 10-year presence in Egypt.

Dubai’s largest bank, Emirates NBD, has recently completed the integration of Egypt unit of France’s BNP Paribas into its fold. Emirates NBD purchased the business for $500 million in 2013. As a result of the deal it took on 200,000 retail customers and a network of 68 branches.

By Alex Hamilton

by IBS Intelligence
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