Joyalukkas Exchange, one of the leading money exchange houses in the Gulf has partnered with Effiya Technologies an Artificial Intelligence (AI) and Machine Learning (ML) solutions provider on AML/CFT compliance for greater efficiency and effectiveness in real-time screening transactions.
They have a hybrid ensemble approach with seamless integration and better algorithms backed with machine learning models to generate accurate hits.
The implementation of this technology has helped reduce the false positives to a greater extent without compromising potential matches by generating real-time alerts and hence empowering the overall compliance performance, the company said.
“At Joyalukkas Exchange, adherence to compliance is non-negotiable and we don’t like it to be compromised at any level. We are diligent in 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,” said Antony Jos, Managing Director, Joyalukkas Exchange.
He further added that the company’s aim with this collaboration is to help and strengthen its responsibility and commitment as a regulated entity licensed by the Central Bank of the UAE to manage safe and secure transactions for our customers.
According to data insights by the World Digital Report 2020. The total value of digital payment transactions in the UAE during 2020 reached $18.50 billion and indicated that the average time an individual spends on the Internet in the UAE is 7 hours and 24 minutes a day.
The report showed that an individual spends 40 hours per week browsing the Internet via a Smartphone, while 86 per cent of the population plays electronic games via the Internet using available devices.
The report has also indicated that the UAE residents spent 320 million hours on Smartphone applications during 2020 and the number of smart homes in the country has reached 190,000.