LuLu Exchange, which provides cross-border remittance, currency exchange and other financial services, has bought in Fiserv’s AML Technology.
The financial services technology solutions provider has beefed up its financial crime prevention capabilities by implementing a cloud-based version of AML Risk Manager from Fiserv.
Fiserv’s solution utilises machine learning to detect suspicious transactions, which leads to more accurate fraud detection and fewer false positives. It claims this helps to eliminate the inconvenience and delay caused when legitimate transactions are flagged for investigation.
AML Risk Manager provides advanced customer risk profiling, risk scoring, transaction monitoring and know your customer (KYC) capabilities. The solution offers behavioural profiling, the ability to quantify risk mitigation through investigation, and beneficial ownership insight. It is also configurable, enabling the LuLu Exchange compliance team to be in complete control of the system.
“Our ongoing expansion prompted an evaluation of our AML strategy,” said Christos Christou, LuLu Exchange CCO. “Since we are expanding in Asia Pacific and Europe, we wanted a partner that will provide us not only the technology but also the know-how to mitigate risks in these ‘new to us’ markets.
“We were impressed with Fiserv and their financial crime investigation platform, which, in our view, is a user-friendly, stable, fast and well-developed tool for detecting, investigating, and assessing AML risks.”
Lulu Exchange operates in Oman, Kuwait, Qatar, Bahrain, India, Philippines, Seychelles, Hong Kong and Ireland, and is expanding across the Asia Pacific region and Europe. The non-banking financial group primarily deals in global money transfer, foreign currency exchange, and other services.
Nearly half of all RegTech companies address AML or KYC regulation according to the Global RegTech Review. The report found that 94 companies were addressing AML regulation, while 89 addressed KYC.
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