As financial crimes become increasingly sophisticated, traditional methods of detection are no longer enough. But with AI technologies and their advanced algorithms and processing capabilities, organisations can step up their game.
Saudi-based AI company Mozn’s FOCAL platform aims to enable industry players in their battle against financial crime. With access to more than 1,300 global and local sanctions and PEP lists, FOCAL AML helps organisations satisfy AML and KYC/KYB requirements. It also reinforces compliance in the sector by employing advanced name-matching algorithms optimised for Arabic language and names to screen and monitor customers and their transactions.
Meanwhile, FOCAL Anti-fraud is a proactive solution that stops criminals from successfully defrauding organisations and their clients by automatically verifying the identity of payees. By cross-checking data input against the destination account’s records, this feature identifies suspicious patterns and prevents fraud attempts in real-time.
FOCAL’s comprehensive data points are leveraged to score risk for both fraud and money laundering. This allows the platform to automate custom next actions based on highly configurable rules and the organisation’s own risk appetite. As a result, clients using FOCAL by Mozn are better informed, compliant, and efficient, with up to a 95 percent reduction in investigation time.
Aimed at financial institutions such as banks, digital banks, fintechs and other large financial organisations, these solutions make it easier to see the whole board and identify suspicious behaviour patterns in real time.
UAE launch and GCC expansion
At the recently held Dubai Fintech Summit, Mozn announced its launch in the UAE and expansion in the GCC.
The move will see the company provide innovative regulatory compliance and anti-fraud solutions powered by advanced AI.
“The UAE has been making significant strides in enhancing its AML compliance and combating financial fraud, and Mozn’s entry into the UAE market will help accelerate these efforts,” said Dr. Mohammed Alhussein, Founder and Chief Executive Officer at Mozn.
“We are excited to begin this next chapter in Mozn’s growth journey as we enter the broader GCC market through our UAE office. We look forward to collaborating with prominent financial institutions in these markets, re-enforcing their compliance stance and further improving the stability of these nation’s financial sectors through our anti-fraud solutions. Mozn firmly believes that our collective efforts contribute to these government’s economic diversification initiatives, and it will leave no stone unturned in doing so.”
