Tuesday, September 2, 2008

Islamic Bank Purchases Software to Combat Money Laundering

Arabianbusiness.com reports that Dubai Islamic Bank has signed an agreement to buy software to crack down on money laundering. The bank has bought the systems from Norkom Technologies, and will implement the solutions across operations in the UAE and Pakistan according to bank chiefs.

The Software will allow the bank to monitor and analyze the transactions and customer interactions across its entire database to investigate criminal activity. Waheed Rathore, head of Group Compliance at Dubai Islamic Bank mentions:

"This initiative demonstrates DIB's commitment to improve its defences against money laundering and terrorist financing. It also reflects DIB's belief that sustainable growth can only be achieved by maintaining high standards of regulatory compliance."

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