Export Import Bank of Bangladesh Limited (EXIM Bank) has started implementing SWIFT's Sanctions Screening solution to prevent financial crime by making the transaction process more secure.
The fully automated service will screen all incoming and outgoing transactions related to foreign trade.
Managing Director and CEO of EXIM Bank Dr Mohammed Haider Ali Miah formally inaugurated the implementation of the service at a ceremony held Wednesday at EXIM Bank Head Office in city's Gulshan area.
In the welcome address, Mr Miah highlighted the AML and CFT policies and the commitments of the bank to ensure strict compliance against trade based money laundering and combating terror financing.
This screening solution has been procured from Belgium based SWIFT -- Society for Worldwide Interbank Financial Telecommunication. The solution is considered as the most robust sanctions screening system.
The solution will scrutinise all the incoming and outgoing SWIFT messages as per sanctioned list of UNSCR, EU, OFAC, HKMA, UK, AUSTRAC, BFIU, etc.
Talking to the FE, EXIM Bank CEO said money laundering is a global issue and EXIM Bank will be able to secure itself from such acts from now with the implementation of the service.
He also said the bank will also be capable of following exact directives of foreign correspondence banks so that there would be no violation of any rule.
Talking about how the clients of the bank would get benefitted because of the new technology adoption, Mr Miah said, "Our clients will feel secure about their money considering that the bank is a fool-proof entity."
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