The Sharjah Islamic Bank has stepped up its crackdown on dirty money by signing a deal with Complinet for fraud screening.

It will rely on the Complinet solution to evaluate all new and existing customers, and to cross-check information to ensure the bank is not at risk from fraud, money laundering or other illegal practices that may affect its regulatory compliance status.

The Complinet Global Screening Workstation will monitor clients against a global database of sanctions, enforcements, blacklists and politically exposed persons.

The automatic and daily screening process will provide necessary safeguards and real-time information required for the bank’s rigorous ‘know your customer’ policies and processes. It will also guarantee a smooth and secure workflow, working as part of the compliance procedures already in place at the bank.

The entire screening process is fully auditable, the bank said.

“We are extremely pleased to have the Sharjah Islamic Bank as one of our customers,” said Complinet Middle East and Asia Pacific managing director Leas Bachatene.

“We are experiencing strong growth in the Middle East region and are currently working with more than 70 financial services firms in the region to reduce their exposure to risk.” – Trade Arabia News Service