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 & services provider, to provide Foreign Account Tax Compliance Act (FATCA) solution across all of its branches in Egypt.
Aiming to meet the increasing demand of international compliance requirements, SAS and DataGear employed a tailor-made FATCA solution using key components of SAS Anti-Money Laundering (AML) 6.2 which was integrated within Al Baraka’s-Egypt core banking system.
Available in Arabic framework, the FATCA solution prevents tax evasion and fines; supports decision making for new and existing customers; and offers pre-built workflows to identify all US and international regulations and take appropriate actions.
“The growing complexity of today’s regulatory environment both locally and internationally has been a key factor to implement SAS FATCA solution within the bank. The solution enabled us to effectively meet complex financial and regulatory requirements including streamlining our reporting process by automatically submitting the reports directly to International Revenue Service (IRS),”said Dr. Adel Mohamed Ahmed Elalem, Chief Information Officer, Al Baraka Bank-Egypt.
“We partnered with SAS and Data Gear to ensure the success of meeting necessary requirements expected from our own system. They also provided professional training to our specialists on how the FATCA system operates,” he added.
Marcel Yammine, Gulf and Emerging Markets (GEM), SAS said about the partnership: “SAS has been providing comprehensive solutions to various banks and financial institutions across the Middle East. Together with DataGear, we have customised our FATCA solution using key components from our existing SAS AML solution allowing Al Baraka–Egypt to make better informed regulatory decisions in line with IRS.”
Through the FATCA solution, Al Baraka-Egypt assured its reporting framework is flexible, scalable and extensible enough to make frequent changes with evolving requirements from the Central Bank of Egypt and AlBaraka-Group–Bahrain, including the IRS regulatory demands.
Ahmed Elsonbaty,Professional Services Manager, DataGear said: “We worked closely with SAS to prepare and implement a comprehensive system that meets FATCA requirements by utilising some elements of SAS AML solution and integrating it with the core banking system. The successful implementation of FATCA solution showcases our strategic collaboration with both SAS and Al Baraka-Egypt.”
Mr.Ashraf Ghamrawy,Vice Chairman of the Board,Chief Executive of Al Baraka Bank Egypt has revealed that the bank is keen to implement the international & standard systems at best practice to cope with the latest technology, based on AL Baraka Banking Group policies.
And that Baraka Bank Egypt offers a variety of services and products and integrated system of saving coffers ( deposits, certificates, and instruments ) to suit the different programs and funding from the Egyptian market needs of members and | Companies.
Currently the bank has 29 branches and four foreign currency circulating in major Egyptian cities exchange offices, in addition to the five new branches under construction, and put the finishing touches on the new headquarters building at the highest level.
Source: AME info