Saudi Arabia’s Mozn announces expansion into AI, finance, fintech GCC markets
Enterprise, Service provider

Saudi Arabia’s Mozn announces expansion into AI, finance, fintech GCC markets

Mozn’s expansion into the GCC market through its UAE office will see it provide regulatory compliance and anti-fraud solutions powered by advanced AI. 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.

“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.”

Mozn’s FOCAL, an AI-powered risk and compliance platform, plays a significant role in the region’s fight against financial crime and is bolstering compliance across the sector. FOCAL AML screens and monitors customers and their transaction using advanced name-matching algorithms that are uniquely optimised for Arabic language and names and reconciles them against more than 1,300 automatically updated global and local sanctions and PEP lists to help satisfy AML and KYC, KYB requirements.

FOCAL Anti-fraud, proactively identifies suspicious patterns and prevents criminals from successfully defrauding organisations and their clients by confirming the identity of payees automatically by checking data input against the destination account’s records.

FOCAL combines a wealth of datapoints to score risk, for both fraud and money laundering that automates a custom next action based on the highly configurable rules and the organisation’s own risk appetite. Clients using FOCAL by Mozn are making better informed strategic decisions, getting compliant fast and staying that way as well as increasing team efficiency and reducing investigation time by up to 95%

July 6, 2023

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