Mozn: Pioneering AI solutions in fintech, fraud prevention, and compliance

Image credit: Getty Images

Mozn, a Saudi leader in enterprise AI technologies, was recognised as a rising star in the global fintech sector earlier this year.

This recognition underscores the impact of Mozn’s innovative platform, FOCAL, which underscores the company’s commitment to advancing risk and compliance in the financial sector. FOCAL, an AI-powered risk and compliance platform, prevents financial crime by redefining how businesses navigate complex regulatory environments. It enables organisations to enhance their risk intelligence, streamline compliance processes, and ensure a secure and resilient operational framework.

Malik Alyousef, co-founder and chief operating officer, speaks to Gulf Business as the platform showcases its latest innovations at the inaugural 24 Fintech event, taking place at the Riyadh Front Exhibition and Conference Center. This marks another milestone in Mozn’s journey towards advancing financial inclusivity in the MENA region.

How can money laundering activities impact a business’s reputation?

Money laundering poses a serious threat to a business’s reputation, undermining trust and exposing the company to regulatory fines, legal issues, and loss of confidence. The negative publicity that follows can severely damage a brand’s image, leading to operational disruptions, the loss of key business relationships, and long-term damage that can take years to repair.

In an era where reputation is everything, businesses must proactively protect their integrity. Mozn’s FOCAL platform, with its advanced AI-driven capabilities, empowers organisations to detect and prevent money laundering in real time, ensuring compliance, protecting assets, and preserving the trust essential for sustained success.

What measures can businesses take to prevent money laundering activities? What are the key components of an effective AML compliance programme?

To effectively prevent money laundering, businesses should implement several key measures. First, rigorous Know Your Customer (KYC) practices are essential to verify customer identities and mitigate risks. Additionally, advanced transaction monitoring systems help detect suspicious activities in real time, while ongoing staff training ensures employees remain informed about Anti-Money Laundering (AML) regulations.

An effective AML compliance programme involves conducting thorough risk assessments to identify and manage money laundering risks—a process that Mozn’s AI-driven solutions significantly enhance by providing early detection and data-driven insights. Clear policies and procedures are crucial for ensuring compliance, and Mozn supports this through its tailored offerings and automation tools that streamline customer due diligence, including real-time transaction monitoring to detect suspicious activities. By leveraging Mozn’s FOCAL, organisations can create a sophisticated, multi-layered defence against money laundering, ensuring both compliance and the safety of their financial operations.

How can businesses leverage data analytics and artificial intelligence in their AML efforts?

An effective AML programme integrates comprehensive risk assessments, robust customer verification, and continuous transaction monitoring. Tools like FOCAL use advanced AI algorithms to analyse vast amounts of financial data in real time, detecting patterns and anomalies associated with money laundering and fraud. By automating compliance processes, continuously monitoring transactions, and providing actionable insights, FOCAL enables financial institutions to prevent illicit activities, maintain regulatory compliance, and protect assets.

This contributes to economic growth by ensuring the integrity of the financial system, fostering trust among stakeholders, and promoting a conducive environment for sustainable development.

What are some of the challenges facing the adoption of AI in the MENA region?

The challenges of AI implementation are multifaceted. One significant hurdle is the lack of awareness regarding AI’s potential to revolutionise industries. Many organisations are yet to fully grasp AI’s capabilities and how it can be tailored to their specific needs.

Another major obstacle is the limited success rate of AI implementation efforts. The financial commitment required for effective AI deployment—from acquiring the essential technology and tools to recruiting skilled professionals—can be considerable.

What sets Mozn apart from other organisations? And tell us more about your efforts in combating fraud.

Mozn distinguishes itself in the field of AI through its unique blend of innovation, specialisation, and steadfast commitment to advancing digital progress. Leveraging cutting-edge AI capabilities, FOCAL delivers precise and adaptable solutions adept at detecting fraudulent activities and ensuring regulatory compliance. This highlights Mozn’s expertise in crafting specialised AI tools finely tuned to address the complexities of the financial industry.

Our strategic focus on fraud prevention underscores our dedication to fortifying security and integrity, and magnifies our impact in protecting businesses against the evolving threats of today’s digital world.

Tell us about your deal with Google Cloud.

Mozn’s partnership with Google Cloud represents a significant step forward for our FOCAL offering. By integrating with Google Cloud, Mozn enhances the performance and reliability of its solutions while gaining global reach through the Google Cloud Marketplace. This collaboration reinforces Mozn’s leadership in enterprise AI technology and ensures scalable, secure deployment of its solutions.

The partnership underscores Mozn’s commitment to innovation, particularly in advancing AI-driven fraud prevention and compliance on a global scale.

Read: How 24 Fintech is helping regional startups take off