Saudi Arabia’s AI-Powered Compliance Tool Mozn Expands to Gulf Countries
May 10, 2023
Saudi Arabia’s famous AI-powered enterprise solution Mozn expands its services to GCC (Gulf Cooperation Council). Mozn, which is famous as one of the leading regional AI platforms for RegTech, is likely to enhance companies’ and financial institutions’ ability to combat anti-money laundering and fraud.
According to media reports, while announcing the expansion of Mozn’s operations into GCC, the spokesperson of the company also talked about the importance of using AI technology to counter AML/CFT threat in the region.
How Saudi Arabia’s Mozn Ensures Compliance with AML/CFT Regulations
The key tool of Mozn that helps financial institutions detect compliance issues is its FOCAL AML. The specific feature that makes it a lucrative program for the Arab financial industry is that it is optimized for detecting Arabic Names more particularly. Therefore, it is more suitable for regional banks in particular, whose major customer base comes from the local population.
FOCAL, Helps Counter Money Laundering and Financial Fraud in Following Three Ways
- It has more than 1300 PEPs and sanction lists that update automatically, allowing the banks and financial institutions to better run checks according to KYC/AML requirements.
- FOCAL uses data to assign a risk score to particular customers and then flags the suspicious ones. In this way, it also acts as a risk assessment tool and guides respective financial institutions on whether to do enhanced due diligence to further investigate the matter.
- Apart from an AML compliance solution, FOCAL also assists in fraud prevention by helping corroborate the details of the receiver’s account.
Ever-increasing economic opportunities in the Gulf region make it attractive to investors. However, this also adds to the risk of criminals who may use their illegal money to invest in businesses, calling for increased compliance with regulations to combat money laundering and financial fraud. AI-powered enterprise solutions like Mozn can offer substantial support to companies in filtering out criminals from their customers and pointing out suspicious transaction activities to report the case of possible financial fraud and crime. Such AI-powered tools are not only a great way to manage risk related to AML/KYC compliance but they also increase an organization’s efficiency by saving precious time and resources.
However, the efficiency of these AI-Powered compliance solutions like Saudi Arabia’s Mozn is a matter of the future, since most of these technologies are in the nascent stage and their true use has to bear the test of time.
Source link: Tradearabia News
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