The company will showcase its AI-powered anti-money laundering compliance and anti-fraud suite FOCAL, which is fast redefining the fight against financial crime.

Hosted by the Future Investment Initiative Institute, FII 6 will take place in Riyadh from 25 to 27 October, where senior business executives, policymakers, investors, and entrepreneurs will discuss the future of international investment and the global economy.

Global financial crime has an estimated annual US$5.8-trillion impact on the world economy, representing 6.7% of global GDP. Regulators have long sought to stymie bad actors, but financial-crime monitoring systems remain resource-intensive and error-prone.

These legacy platforms will no longer be sufficient for organizations to keep track of anomalous behavior, especially amid aggravating factors such as the rapid digitization brought about by the pandemic, and an ever-evolving global financial system that must now contend with the rise of new digital products and services, and new paradigms such as cryptocurrencies.

This period of change has left financial institutions vulnerable to fraud and other types of attacks, such as identity theft and cyber-incursions.

FOCAL is an AI-powered AML compliance and anti-fraud suite that screens individuals and entities and monitors transactions to flag potentially suspicious activities. It predicts business risk while reducing false positives and automates end-to-end compliance – from customer screening and transaction monitoring, to risk scoring and case management with real-time alerts. Armed with these capabilities, FSI institutions can better optimize their operations and protect their perimeters from fraudulent activities.

During the event, Mozn’s Founder and CEO, Dr. Mohammed Alhussein will participate in a panel discussion titled “Preparing for Sentient AI”.

He will shed light on the current state of AI and its different applications, as well as showing how it is driving impact in preventing financial crime by augmenting human actors with the capability to make critical real-time decisions that allow them to balance friction less access to financial services with the need to prevent fraud.

“Mozn’s participation in FII 6 reinforces our commitment to securing the financial future of emerging markets,” said Dr. Alhussein. “AI is driving transformation at scale in the financial services sector, and innovations like FOCAL are bolstering compliance and redefining the fight against financial crime. We look forward to playing our continued role as a trusted partner throughout the region in providing finance intelligence products to enterprises and simplifying their compliance journeys.”

FOCAL is also equipped with a powerful multilingual name-matching capability in an AI-driven platform that has access to more than 1,300 up-to-date global and local sanctions and PEP lists for risk management. The platform provides flexible APIs that enable the automated processing of thousands of screenings and transaction monitoring daily, with seamless on boarding and scalable integration capabilities.

CEO of the FII Institute, Richard Attias, said, “The FII Institute curates unique events and discussions aimed at bringing together leaders from across all sectors to engage in dialogue and find solutions to some of the world most pressing issues and challenges. Our platforms are always open for companies and startups that are working on providing a better future for humanity, with emphasis on our core impact areas: AI & robotics, education, healthcare, and suitability. Mozn is a good example of that – utilizing AI technology to solve crucial problems in the financial market, such as fraud and money-laundering.”

Mozn recently partnered with Red Hat to offer FOCAL through hybrid cloud offerings and ensure the region’s hyper-regulated businesses can strengthen their compliance strategies through cutting-edge capabilities in monitoring, analysis, and risk mitigation.