To keep a tab on money laundering and terror financing, a leading UAE bank has installed an integrated software solution, a first in the region.

Dubai Islamic Bank has installed an integrated anti-money laundering and compliance solution in an effort to curb financial crime. The solution developed by Norkom Technologies, will be implemented across the bank's operations in the UAE and Pakistan.

The bank says it will be able to monitor customer transactions to identify suspicious behaviour using the software.

"This initiative demonstrates DIB's commitment to improve its defences against money laundering and terrorist financing," Waheed Rathore, the head of Group Compliance at Dubai Islamic Bank said.

The UAE's Central Bank recently ordered financial institutions to register details of anyone transferring as little as 2,000 UAE Dirhams in order to curb money laundering.