Money laundering costs the world anywhere between two to five per cent of its gross domestic product and costs banks billions of dollars in fines
Al Fardan Exchange is cracking down on money laundering through a new partnership with digital and financial solutions provider Kiya.ai.
Money laundering costs the world anywhere between two to five per cent of its gross domestic product and costs banks billions of dollars in fines. The AML software market is projected to reach $1.77 billion by 2023.
Mumbai-based Kiya.ai will provide its anti-money laundering (AML) solution that is powered by artificial intelligence, machine learning and robotic process automation to Al Fardan Exchange, which is licensed by the Central Bank of the United Arab Emirates.
The solution monitors transactions in real-time via automated processes and delivers high-performance compliance-management, generating real-time alerts, which will help Al Fardan Exchange achieve greater efficiency and effectiveness. The solution is compliant with all major AML regulations around the world. Kiya.ai’s platform will empower Al Fardan Exchange to vertically integrate modules, determine Key Risk Indicators (KRIs), meet evolving regulations, and devise proactive policies and procedures to mitigate risk.
