Al Baraka Bank Egypt employs SAS FATCA solution to meet international compliance standards
Al Baraka Bank Egypt, a subsidiary banking unit of Al Baraka Banking Group B.S.C. (ABG), partnered with SAS , the leader in analytics, and Data Gear, a Business Intelligence (BI) software program & providers, to provide Foreign Account Tax Compliance Act (FATCA) option throughout every one of its branches in Egypt.Aiming to satisfy the increasing demand of global compliance needs, SAS and DataGear recruited a tailor-made FATCA remedy using vital components of SAS Anti-Money Laundering (AML) 6.2 which was incorporated within Al Baraka's-Egypt core financial system. Readily available in Arabic framework, the FATCA solution avoids tax obligation evasion as well as penalties; assists choice creating brand-new and already existing customers; and also provides pre-built operations to recognize all United States as well as international laws as well as take ideal activities.
"The expanding complexity of today's regulatory atmosphere both locally and also worldwide has been a key factor to implement SAS FATCA solution within the financial institution. The option allowed us to properly fulfill complicated economic and also regulative needs consisting of streamlining our reporting process by immediately submitting the reports straight to International Revenue Service (IRS),"said Dr. Adel Mohamed Ahmed Elalem, Chief Information Officer, Al Baraka Bank-Egypt.
Marcel Yammine, Gulf and Emerging Markets (GEM), SAS stated about the partnership: "SAS has been giving extensive solutions to various financial institutions and banks throughout the Middle East. Along with DataGear, we have personalized our FATCA solution utilizing essential parts from our existing SAS AML solution allowing Al Baraka-- Egypt to make much better educated governing choices in line with IRS.".
With the FATCA solution, Al Baraka-Egypt guaranteed its reporting framework is versatile, scalable and extensible enough to make regular modifications with progressing needs from the Central Bank of Egypt and AlBaraka-Group-- Bahrain, liking the IRS governing needs.
Ahmed Elsonbaty, Professional Services Manager, DataGear claimed: "We labored very closely with SAS to prepare as well as carry out a comprehensive system that satisfies FATCA needs by utilising some components of SAS AML option and also integrating it with the core financial system. The effective execution of FATCA solution showcases our tactical collaboration with both SAS and also Al Baraka-Egypt.".
Mr.Ashraf Ghamrawy, Vice Chairman of the Board, Chief Executive of Al Baraka Bank Egypt has actually exposed that the bank is keen to apply the worldwide & common systems at ideal technique to deal with the most recent modern technology, based on AL Baraka Banking Group policies.
And that Baraka Bank Egypt supplies a range of services as well as items and also incorporated system of saving funds (down payments, certifications, and tools) to match the various programs and also financing from the Egyptian market requirements of members and also|Business. Currently the bank has 29 branches and 4 foreign currency circulating in significant Egyptian cities exchange workplaces, along with the five new branches unfinished, as well as placed the finishing touches on the new head office structure at the highest level.
