Al Baraka Bank Egypt has partnered with SAS and Data Gear to employ a tailor-made FATCA solution across all of its branches in Egypt to meet the increasing demand of international compliance requirements.
SAS and DataGear, a business intelligence (BI) software & services provider, implemented the FATCA solution using key components of SAS Anti-Money Laundering (AML) 6.2 which was integrated within Al Baraka’s-Egypt core banking system.
The solution, which is available in Arabic framework, prevents tax evasion and fines and offers pre-built workflows to identify all US and international regulations and take appropriate actions.
The technology vendor said that its FATCA solution will ensure that the bank’s 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.
Al Baraka Bank-Egypt chief information officer Adel Mohamed Ahmed Elalem said: "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)."
DataGear professional services manager Ahmed Elsonbaty 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."
Baraka Bank Egypt, a subsidiary banking unit of Bahrain’s Al Baraka Banking Group, currently has 29 branches and four foreign currency circulating in major Egyptian cities exchange offices, in addition to the five new branches under construction.