Mozn, Deloitte join forces to fight financial crime and bolster regulation across MENA

Mozn, a market leader in enterprise AI technologies, announced today during LEAP23 a strategic partnership with Deloitte, the globally leading professional services organization, to combat financial crime, bolster regulation, and empower the financial services industry in Saudi Arabia, the Middle East, and North Africa to mitigate risks.The partnership which was formalized in the form of a Memorandum of Understanding (MoU), was signed between both organizations and strives to transform the finance digital reg-tech, risk, anti-money laundering (AML), and compliance space.

Mozn's pioneering AI-powered financial crime prevention suite FOCAL is already being utilised by many esteemed customers in the MENA region for AML screening, transaction monitoring, risk scoring, and compliance case management. Mozn's capabilities will combine with Deloitte's deep expertise in reg-tech advisory and consulting to offer cutting-edge solutions, advisory and consulting across the region’s financial sector, from banking to fintech to capital markets and insurance.“The rapid growth in digitalization has inevitably created opportunities for financial crime. As such the risk and compliance functions are now faced with the challenge of staying up to date with the constantly changing regulatory landscape and protecting organizations from potential frauds, money laundering and other financial crimes,” said Malik AlYousef, Chief Operations Officer at Mozn.

“Our partnership with Deloitte strengthens our trust with customers to help them monitor and mitigate that risk. Through this collaboration, we will bring together a wealth of resources to offer state-of-the-art advisory and best-in-class solutions in the risk, compliance and AML space for all types of companies across the financial sector."“Our strategic relationship with Mozn will bring together the best technology solutions and resource capabilities to help firms in combatting financial crime”, said Steve Punch, Financial Risk and Regulatory Partner at Deloitte. “As firms look to invest in new functionality with increased accuracy and efficiency, the combination of Mozn and Deloitte will bring the best reg-tech services to our clients,” added Punch.Fighting money laundering is also essential to creating a business-friendly environment – a must for the MENA region as it builds its reputation as a leading global financial and business hub. A positive AML rating can have a significant encouraging economic impact on a nation’s credit rating and its ability to attract foreign investments.

‍FOCALis fast redefining the fight against financial crime offering a comprehensive suite of products that leverage powerful AI and machine learning technology to answer the challenges of AML compliance and Fraud Prevention in Emerging Markets. The AI-driven platform has access to more than 1,300 up-to-date global and local sanctions, and PEP (politically exposed person) lists for risk management and provides flexible Application Programming Interfaces (APIs) that enable the automatic processing of thousands of screenings every day with seamless onboarding and scalable integration capabilities.