Dubai Islamic Bank Partners with SAS

SAS supports Dubai Islamic Bank with Anti-Money Laundering solutions

SAS will support Dubai Islamic Bank (DIB) with Anti-Money Laundering (AML) solutions that meet the compliance requirements of the UAE and the Foreign Account Tax Compliance Act (FATCA), which came into effect on July 1, 2014.

Commenting on the partnership, Mohamed Abdulla Al Nahdi, Deputy CEO, Dubai Islamic Bank, said: “Our partnership with SAS will allow us to equip our operations team with the latest technology solutions to monitor transactions and proactively detect and address any illicit activity.”

Shukri Dabaghi, Regional Director Middle East & Francophone Africa at SAS, said: “As regulations such as FATCA become more rigorous in the UAE, financial institutions need to ensure that they have strong internal controls for timely detection and filing of potential money-laundering activity. With our AML solution in place, DIB will be able to make better informed regulatory decisions and detect any suspicious transactions.”