The Arab Monetary Fund has announced the inclusion of the Saudi riyal along with the US dollar and euro among other initial currencies to be supported and settled by the Buna Payment Platform.
Buna is a multi-currency payment platform that supports cross-border payments in eligible local and international currencies across the Arab region and beyond, with links to the major trading partners, reported Emirates news agency Wam.
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 relevant international standards and requirements.
Additionally, the Buna Platform applies 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.