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Monday, 17 February 2020

Afreximbank launches new Egyptian-designed anti-money laundering platform

Sara El Issawy, Thursday 12 Jul 2018
Afrex
Amr Kamel,Afreximbank Executive VP for Business Development
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The African Export and Import Bank (Afreximbank) has launched a new electronic platform designed by Egyptian company Sarmash, which specialises in information systems, to provide information on trade and investment opportunities as well as help reduce money laundering across the African continent.

The new platform was launched on the sidelines of the annual conference of the Afreximbank in Abuja, Nigeria.

The new electronic platform aims to present information on investment and trade opportunities in African countries, thus enhancing opportunities for partnerships between commercial and financial institutions and applying rules of transparency and accounting to promote trade and investment.

Afreximbank vice president Amr Kamel said the new platform aims to provide information to help banks adapt to international conditions and standards that impose large fines on bank transactions with countries or entities that support or finance terrorist operations.

"These fines make banks reluctant to be present in some African countries for fear of engaging in suspicious transactions, so the new platform aims to limit these operations and provide a safe environment for trade and investment," Kamel added.

"The platform is also part of the bank's initiatives to promote trade and cooperation among African countries by exchanging information and data on companies and institutions, their financial capacity, credit status and other information, in cooperation with central banks across African countries," said Afreximbank president Benedict Oramah.

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