The exchange provides cross-border remittance, currency exchange and other financial services for consumers and businesses and plans to implement a cloud-based version of AML Risk Manager from Fiserv. The business currently operates in Oman, Kuwait, Qatar, Bahrain, India, Philippines, Seychelles, Hong Kong and Ireland, and is expanding across the Asia Pacific region and Europe.
The anti-money laundering solution utilizes machine learning to detect suspicious transactions, leading to more accurate fraud detection and fewer false positives. AML Risk Manager provides customer risk profiling, risk scoring, transaction monitoring and know your customer (KYC) capabilities and offers behavioural profiling, the ability to quantify risk mitigation through investigation, and beneficial ownership insight.
The experience of Fiserv in the Gulf Cooperation Council (GCC) region and globally was a key factor in their selection, as LuLu Exchange will rely on the expertise of Fiserv as it moves into new markets.
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