Saudi fintech Mozn enters UAE market with its AML platform

Dubai: Saudi Arabia’s Mozn, which is into enterprise-level AI, has expanded its reach with the addition of a base in the UAE. The focus will be on fraud prevention technologies as well as AML/CFT solutions.

“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 CEO.

Aimed at financial institutions, the Mozn solutions make it easier to identify suspicious behaviour patterns in real-time. “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,” said Alhussein.

Its ‘FOCAL’ – the AI-powered risk and compliance platform - plays a significant role in the region’s fight against financial crime. It screens and monitors customers and their transaction using advanced name-matching algorithms 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.