The UAE Executive Office of Anti-Money Laundering and Counter Terrorism Financing (EO AML/CTF) has launched the first phase of a data intelligence project that will automate data management protocols and procedures.
Over the course of the project, the EO AML/CTF will adopt the latest technological tools and solutions available globally in information management and data analytics.
Mr. Hamid Al Zaabi, Director-General of the EO AML/CTF, set out the objectives for phase one at a meeting attended by EO AML/CTF project team members, external consultants, and consortium partners.
Mr. Al Zaabi explained the importance of the project as a critical addition to the EO AML/CTF’s technical capabilities to be an effective national AML/CFT champion leading the fight against financial crime and protecting the global financial system.
As part of the project, the EO AML/CTF will collect and manage data from its national coordination activities, build a central data warehouse, and develop technical systems to conduct data analysis leveraging. Artificial Intelligence tools will be deployed to manage and process data, and reports will be issued to domestic and international partners.
The project implementation will also involve building a framework for data governance in the domain of money laundering and terrorist financing by the EO AML/CTF. The project team will further the EO AML/CTF’s digital transformation and transition to an intelligent technology-based organization.
The team will also oversee the new system’s integration with external financial institutions and government entities to ensure the safety of data transmission and governance in line with international best practices.
The project is being carried out with a consortium of leading UAE-based companies in intelligent systems, such as G42 Cloud and SAPient Technologies. It will adopt the advanced technical solutions provided by global software giant SAP.
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