Joyalukkas Exchange a leading money exchange, has partnered with Effiya Technologies on AML/CFT (anti-money laundering/ counter-terrorist financing) compliance for greater efficiency and effectiveness in real-time screening transactions.
Effiya, an Artificial Intelligence (AI) and Machine Learning (ML) solutions provider, has a hybrid ensemble approach with seamless integration and better algorithms backed with machine learning models to generate the most accurate hits.
The implementation of this technology has helped reducing the false positives to a greater extent without compromising potential matches by generate real-time alerts and hence empowering the overall compliance performance.
Adherence to compliance
Antony Jos, Managing Director, Joyalukkas Exchange, said: “At Joyalukkas Exchange adherence to compliance is non-negotiable and we don’t want it be compromised at any level. We are diligent on this to ensure a safe and secure experience for all our customers in line with Regulations and global AML standards.
“For us building the culture of effective compliance will always remain a critical factor. Our aim with this collaboration is to help and strengthen our responsibility and commitment as a regulated entity licenced by Central Bank of the UAE to manage safe and secure transactions for our customers.”
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