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Saudi Arabia’s Mozn, the market leader in enterprise artificial intelligence technology, has announced a regional expansion plan that will give the company access to the booming artificial intelligence, finance and fintech markets of the UAE and the GCC.
The announcement was made at the Dubai Fintech Summit held at Madinat Jumeirah, Dubai, where senior executives from Mozn spoke about the need for AML/CFT (Anti-Money Laundering and Combating the Financing of Terrorism) and anti-fraud technologies.
Mozn’s expansion into the GCC market through its UAE office will see it deliver innovative compliance and anti-fraud solutions powered by advanced artificial intelligence. Targeting financial institutions such as banks, digital banks, fintechs and other large financial institutions, these solutions make it easier to see across the board and identify patterns of suspicious behavior in real-time.
major progress
“The UAE has made significant progress in improving anti-money laundering compliance and fighting financial fraud, and Mozn’s presence in the UAE will help accelerate these efforts,” said Dr. Mohammed Alhussein, founder and CEO of Mozn.
“We are excited to begin a new chapter in Mozn’s growth journey as we enter the wider GCC market through our UAE office. We look forward to working with prominent financial institutions in these markets to strengthen their compliance positions and Our anti-fraud solutions further enhance the stability of these countries’ financial sectors. Mozn firmly believes that our collective efforts will contribute to these governments’ economic diversification initiatives, and we will spare no effort to do so.”
The Dubai Fintech Summit brings together businesses, governments, thought leaders and policymakers to exchange and collaborate on developments in technology, regulation and best practice to accelerate financial innovation.
focus
Mozn’s FOCAL – the AI-powered risk and compliance platform – is playing a major role in the region’s fight against financial crime and is strengthening compliance across the industry. FOCAL AML screens and monitors clients and their transactions using an advanced name matching algorithm uniquely optimized for Arabic and names, and checks them against 1,300+ automatically updated global and local sanctions and PEP lists to help meet AML and KYC/KYB requirements
FOCAL Anti-Fraud, which automatically confirms the identity of the payee by checking the data entered against the records of the target account, proactively identifies suspicious patterns and prevents criminals from successfully defrauding organizations and their customers.
FOCAL combines a large number of data points to score risk (fraud and money laundering), automatically executing customized next actions based on highly configurable rules and an organization’s own risk appetite. Clients using FOCAL by Mozn are making smarter strategic decisions, complying quickly and staying that way, while improving team efficiency and reducing investigation time by up to 95%. — trade arab news agency
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