Topic: [2016-01-06] Will Egypt’s Banking Institutions Create Increased Bitcoin Populari (Read 310 times)

Will Egypt’s Banking Institutions Create Increased Bitcoin Popularity?

Authorities and banking institutions are tightening their grips on people’s wealth all around the globe. Threatening citizens with invasive practices with quite a bit of focus directed at protectionism and anti-laundering maneuvers. Just recently the Prime Minister of the UK, David Cameron, spoke of monitoring methods to help curb people avoiding taxation. This problem is growing worldwide, and financial institutions are also playing ball with austerity measures. The Al Baraka Bank of Egypt just announced its SAS’ Anti-Money Laundering (AML) solution and launched the platform at all of it’s branches.

Logo-lowBanks are making it harder and more complicated daily for ordinary citizens to move their wealth around. This is one solid piece of evidence to why protocols like Bitcoin are gaining popularity and how people are avoiding draconian policies with non-banking methods. The Al Baraka Bank wants to keep people funds in the eyes of government as they feel the regulation process is getting technical and sophisticated. “The growing complexity of today’s regulatory environment both locally and internationally has been a key factor to implement SAS FATCA solution within the bank. The solution enabled us to effectively meet complex financial and regulatory requirements including streamlining our reporting process by automatically submitting the reports directly to International Revenue Service” said Adel Mohammed Ahmed Elalem, CIO, Al Baraka Bank of Egypt. The bank partnered with SAS and Data Gear to apply FACTA solutions to the operating locations within the region.

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