Saudi Arabia’s AI powerhouse, Mozn announces GCC expansion as it launches into the UAE
Regional AI leader to bring AML and Anti-Fraud capabilities to financial institutions across the Emirates, GCC, boosting their compliance journeys and accelerating economic progress
08 May 2023, Dubai, United Arab Emirates – Saudi Arabia’s Mozn, a market leader in enterprise artificial-intelligence technologies, today announced a regional expansion that will take the company into the thriving AI, finance and fintech markets of the United Arab Emirates and the GCC.
The announcement came at the Dubai Fintech Summit, held at Madinat Jumeirah, Dubai, where Mozn’s senior executives spoke on the need for AML/CFT (anti-money-laundering and combatting the financing of terrorism) 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, 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. 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 policy makers, 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 transaction 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
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 organization’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%
Mozn is a Saudi technology company that harnesses the power of AI to innovate and build products and solutions for the advancement of digital humanity. Mozn has offices in 3 different countries – KSA, UK & the UAE—and houses more than 150 employees.
For more information, visit www.mozn.ai
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