Saudi Arabia’s Mozn, a market leader in enterprise artificial intelligence (AI) technologies, has revealed a regional expansion that will take the company into the thriving AI, finance and fintech markets of the United Arab Emirates and the further GCC.
The announcement came at the Dubai Fintech Summit (DFS), held at Madinat Jumeirah, Dubai, where Mozn’s senior executives spoke on the need for anti-money-laundering and combatting the financing of terrorism (AML/CFT) and fraud-prevention technologies.
Mozn’s expansion into the GCC market through its UAE office will see it provide innovative regulatory compliance and anti-fraud solutions powered by advanced AI. Aimed at financial institutions such as banks, digital banks, fintech and other large financial organizations, these solutions make it easier to see the whole board and identify suspicious behavior 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. 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.”
The Dubai FinTech Summit brings together enterprises, governments, thought leaders, and policymakers, to network and collaborate on the development of technology, regulations, and best practices with a view to accelerating financial innovation.
Mozn’s FOCAL, the 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 transactions using advanced name-matching algorithms that are uniquely optimized 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.
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