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Company attends sixth edition of global investor conference as \u2018Technology Partner\u2019, showcasing FOCAL \u2013 an advanced AML compliance and anti-fraud platform
\n24 October, Riyadh, Kingdom of Saudi Arabia \u2013 Mozn, a market leader in enterprise AI technologies, today announced its participation as \u201cTechnology Partner\u201d in the forthcoming sixth edition of Saudi Arabia\u2019s Future Investment Initiative (FII). The company will showcase its AI-powered anti-money laundering compliance and anti-fraud suite FOCAL, which is fast redefining the fight against financial crime.
\nHosted by the Future Investment Initiative Institute, FII 6 will take place in Riyadh from 25 to 27 October, where senior business executives, policymakers, investors, and entrepreneurs will discuss the future of international investment and the global economy.
\nGlobal financial crime has an estimated annual US$5.8-trillion impact on the world economy, representing 6.7% of global GDP. Regulators have long sought to stymie bad actors, but financial-crime monitoring systems remain resource-intensive and error-prone. These legacy platforms will no longer be sufficient for organizations to keep track of anomalous behaviour, especially amid aggravating factors such as the rapid digitization brought about by the pandemic, and an ever-evolving global financial system that must now contend with the rise of new digital products and services, and new paradigms such as cryptocurrencies. This period of change has left financial institutions vulnerable to fraud and other types of attacks, such as identity theft and cyber-incursions.
\nFOCAL is an AI-powered AML compliance and anti-fraud suite that screens individuals and entities and monitors transactions to flag potentially suspicious activities. It predicts business risk while reducing false positives and automates end-to-end compliance \u2013 from customer screening and transaction monitoring, to risk scoring and case management with real-time alerts. Armed with these capabilities, FSI institutions can better optimize their operations and protect their perimeters from fraudulent activities.
\nDuring the event, Mozn\u2019s Founder and CEO, Dr. Mohammed Alhussein will participate in a panel discussion titled \u201cPreparing for Sentient AI\u201d. He will shed light on the current state of AI and its different applications, as well as showing how it is driving impact in preventing financial crime by augmenting human actors with the capability to make critical real-time decisions that allow them to balance frictionless access to financial services with the need to prevent fraud.
\n\u201cMozn\u2019s participation in FII 6 reinforces our commitment to securing the financial future of emerging markets,\u201d said Dr. Alhussein. \u201cAI is driving transformation at scale in the financial services sector, and innovations like FOCAL are bolstering compliance and redefining the fight against financial crime. We look forward to playing our continued role as a trusted partner throughout the region in providing finance intelligence products to enterprises and simplifying their compliance journeys.\u201d
\nFOCAL is also equipped with a powerful multilingual name-matching capability in an AI-driven platform that has access to more than 1,300 up-to-date global and local sanctions and PEP lists for risk management. The platform provides flexible APIs that enable the automated processing of thousands of screenings and transaction monitoring daily, with seamless onboarding and scalable integration capabilities.
\nCEO of the FII Institute, Richard Attias, said, \u201cThe FII Institute curates unique events and discussions aimed at bringing together leaders from across all sectors to engage in dialogue and find solutions to some of the world most pressing issues and challenges. Our platforms are always open for companies and startups that are working on providing a better future for humanity, with emphasis on our core impact areas: AI & robotics, education, healthcare, and suitability. Mozn is a good example of that \u2013 utilizing AI technology to solve crucial problems in the financial market, such as fraud and money-laundering.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Company attends sixth edition of global investor conference as \u2018Technology Partner\u2019, showcasing FOCAL \u2013 an advanced AML compliance and anti-fraud platform 24 October, Riyadh, Kingdom of Saudi Arabia \u2013 Mozn, a market leader in enterprise AI technologies, today announced its participation as \u201cTechnology Partner\u201d in the forthcoming sixth edition of Saudi Arabia\u2019s Future Investment Initiative …<\/p>\n","protected":false},"author":2,"featured_media":59586,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[439],"tags":[],"class_list":["post-59588","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english-news"],"yoast_head":"\n