Dubai Islamic Bank Partners with SAS to Combat Money Laundering

SAS supports Dubai Islamic Bank with Anti-Money Laundering solutions

SAS, the leader in business analytics software and services, announced its collaboration with Dubai Islamic Bank (DIB) to help prevent money laundering among the bank’s customers. SAS will support the bank with Anti-Money Laundering (AML) solutions that meet the compliance requirements of the UAE and the Foreign Account Tax Compliance Act (FATCA), which came into effect on July 1, 2014.

Commenting on the partnership, Mohamed Abdulla Al Nahdi, Deputy CEO, Dubai Islamic Bank, said: "As one of the leading banks in the country, we are committed to growing in a responsible manner while complying with local and international regulations. In line with this philosophy, our partnership with SAS will allow us to equip our operations team with the latest technology solutions to monitor transactions and proactively detect and address any illicit activity. Furthermore, by implementing these protocols, we will also be able to take a more holistic approach towards thwarting financial crimes, as we endeavour to ensure a higher level of security and mitigate the risks that we face in today’s complex banking environment."

Shukri Dabaghi, Regional Director Middle East & Francophone Africa at SAS, said: "As regulations such as FATCA become more rigorous in the UAE, financial institutions need to ensure that they have strong internal controls for timely detection and filing of potential money-laundering activity. With our AML solution in place, DIB will be able to make better informed regulatory decisions and detect any suspicious transactions."

SAS Anti-Money Laundering solutions help the bank comply with AML and counterterrorist financing (CTF) regulations by taking a risk-based approach to monitoring transactions for illicit activity. The solution uses high-performance analytics and multiple detection methods to monitor more risks in very large data volumes, in less time. It enables DIB to automatically monitor customers and counterparties for potential money laundering or terrorist financing behavior, document the decision process and – if applicable – file regulatory reports with the appropriate authorities.

Islamic banking and finance is today one of the world’s fastest-growing economic sectors that comprises more than 400 institutions tasked with managing assets in excess of US$ 1 trillion globally. Established 40 years ago, Dubai Islamic Bank was the first Sharia-compliant commercial bank and has grown to become one of the largest financial institutions in the UAE, with a customer base of over 1.25 million and a network of 90 branches.

SAS currently provides the only platform with core framework leveraged by AML, Fraud and Financial Crimes Management, FATCA, EGRC and other similar services. SAS delivers high-performance analytics and multiple detection methods so organizations can monitor more risks in very large data volumes. Additionally, organizations can standardize and manage strategic and operational risks and consolidate information into an enterprise-wide view of risk.

About Dubai Islamic Bank 

Dubai Islamic Bank (DIB), established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices and is the largest Islamic bank in the UAE. DIB is a public joint stock company, and its shares are listed on the Dubai Financial Market. The bank enjoys a reputation as a leader and innovator in maintaining the quality, flexibility and accessibility of its products and services. The bank currently operates 90 branches in the UAE.

DIB has been proactive in creating partnerships and alliances at both the local and international level. The bank has established DIB Pakistan Limited, a wholly owned subsidiary which has a network of more than 125 branches across 40 major cities in Pakistan. DIB has also started operations in Jordan, with the establishment of Jordan Dubai Islamic Bank.

Alongside its accomplishments as a commercial organisation, DIB has always recognised its wider role in society. The bank supports the communities in which it operates through the DIB Foundation, a non-profit social, humanitarian and charitable organisation which distributes millions of dirhams to good causes at home and abroad each year.

For its contribution to both the banking industry and the wider community, DIB has earned the respect of its peers around the world. The bank’s leading position has been reaffirmed by more than 120 local, regional and international accolades that it has won since 2008. DIB has won awards across diversified areas, including retail, corporate and investment banking, as well as CSR and consultancy services. In addition to the “Best Islamic Bank 2013” at the Global Islamic Finance Awards, recent recognition includes being named “Best Islamic Bank” and “Best Investment Bank” at the Banker Middle East Industry Awards, “Best Sukuk House” at the EMEA Finance Middle East Banking Awards, “Best Islamic Card” and “Best SME Card” at the Banker Middle East Products Awards as well as being chosen as the “Islamic Bank of the Year –UAE” and “Most Established Bank of the Year – UAE” at 2014 Business Excellence Awards. Dubai Islamic Bank has been also declared the winner of the “Best Islamic Bank, UAE – 2014” by World Finance - Islamic Finance Awards 2014.

About SAS

SAS is the leader in analytics. Through innovative analytics, business intelligence and data management software and services, SAS helps customers at more than 83,000 sites make better decisions faster. Since 1976, SAS has been giving customers around the world THE POWER TO KNOW®.

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