January 6 2016
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.