Around 10,000 units were delivered in Dubai and 1,600 in Abu Dhabi in Q1, demonstrating strong growth in the UAE’s residential sector
Saudi Arabia’s Mozn, a market leader in enterprise artificial-intelligence technologies, today announced a regional expansion that will take the company into the AI, finance and fintech markets of the UAE and the GCC.
The announcement came at the Dubai Fintech Summit, 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 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.”
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 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 per cent.
Around 10,000 units were delivered in Dubai and 1,600 in Abu Dhabi in Q1, demonstrating strong growth in the UAE’s residential sector
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