Dubai Islamic Bank fights money laundering

New anti-money laundering system implemented across the bank's operations in UAE and Pakistan

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By  Vineetha Menon Published  August 31, 2008

In an effort to curb financial crime, Dubai Islamic Bank has bought an integrated anti-money laundering and compliance solution from Norkom Technologies, which will be implemented across the bank’s operations in the UAE and Pakistan.

Using the software, Dubai Islamic Bank will be able to monitor customer transactions to identify suspicious behaviour. "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,” commented Waheed Rathore, head of Group Compliance at Dubai Islamic Bank.

"We are delighted to welcome Dubai Islamic Bank as our first Middle Eastern and Islamic banking customer. Having achieved market leadership in Europe, the Middle East is the next logical step towards becoming a truly globalised provider of financial crime and compliance solutions," said Paul Kerley, Norkom's CEO.

Recently, the Central Bank ordered financial institutions to register details of anyone transferring as little as AED 2,000 in an aim to curb money laundering.

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