Mozn, Saudi Arabia’s AI powerhouse to debut in  UAE

The Saudi leader in corporate AI technology, Mozn, has announced plans to expand in the UAE and the Gulf Cooperation Council (GCC), home to rapidly growing artificial intelligence (AI), financial technology (fintech), and banking sectors.

Senior executives from Mozn made the announcement during the Dubai Fintech Summit in Madinat Jumeirah, Dubai, where they discussed the importance of AML/CFT (anti-money-laundering and countering the funding of terrorism) and fraud-prevention technology.

Mozn is expanding into the GCC market by opening an office in the United Arab Emirates. The company will use cutting-edge artificial intelligence to power novel solutions for regulatory compliance and anti-fraud. These technologies are designed to help large financial organizations like banks, digital banks, fintechs, and others view the big picture and spot suspicious activity in real time.

Major advancements

“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,” explained Dr. Mohammed Alhussein, Founder and Chief Executive Officer of 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.”

Businesses, governments, thought leaders, and policymakers all convene at the Dubai FinTech Summit to create connections and work together to advance financial technology, legislation, and best practices.

FOCAL
Mozn’s FOCAL, an artificial intelligence-powered risk and compliance platform, plays a crucial role in the region’s battle against financial crime and is boosting compliance throughout the industry. Using sophisticated name-matching algorithms uniquely optimized for Arabic names and matching them against over 1,300 automatically updated global and local sanctions and PEP lists, FOCAL AML screens and monitors customers and their transactions to help meet AML and KYC/KYD requirements.

FOCAL Anti-fraud automatically verifies the identification of payees by comparing the information provided to records kept by the receiving institution to ensure that no fraudulent transactions have taken place.

FOCAL integrates a variety of data sources to provide a risk score (for both fraud and money laundering) and then automatically triggers a next action depending on the ruleset’s flexibility and the business’s risk tolerance. Customers that use Mozn’s FOCAL are able to speed up the process of becoming and remaining compliant, boost team productivity, and cut investigation times by as much as 95%, all while making more educated strategic decisions.