Abu Dhabi-based foreign exchange and remittance company, Lulu Exchange, has implemented anti-money laundering (AML) technology from US firm Fiserv, Inc., in a bid to protect its operations, ensure regulatory compliance and enhance its capabilities in detection, investigation and resolution of financial crimes.
Lulu Exchange has licensed the latest cloud-based version of the solution including watch-list filtering and risk-based due diligence capabilities. AML Risk Manager will provide the organization with end-to-end transaction lifecycle management capabilities ranging from profiling and monitoring through to case management and reporting.
Wisconsin-based Fiserv said that AML Manager provides Lulu with automated transaction monitoring and intelligent detection tools to help with the investigation and reporting of suspicious money-laundering activity.
Launched nine years ago in the UAE capital, Lulu Exchange currently operates in Oman, Kuwait, Qatar, Bahrain, India, Bangladesh, the Philippines and the Seychelles. The company’s total branch count went up by 30 branches in 2017 to reach 73 in the UAE and 170 globally.
John Smith, managing director of EMEA at Fiserv, commented: “Anti-money laundering technology has an impact on the day-to-day work of staff who are tasked with ensuring compliance and mitigating risk, as well as on customers whose transactions can be affected. We look forward to supporting LuLu Exchange as they expand into new markets and to providing their team with greater efficiency in managing a growing volume of customer transactions and alerts so they are able to serve customers with the speed, ease and convenience they expect.”
Christos Christou, Chief Compliance Officer at LuLu Exchange, added: “Our ongoing expansion prompted an evaluation of our AML strategy. Since we are expanding in Asia Pacific and Europe, we wanted a partner that will provide us not only the technology but also the know-how to mitigate risks in these ‘new to us’ markets. We were impressed with Fiserv and their financial crime investigation platform, which, in our view, is a user-friendly, stable, fast and well-developed tool for detecting, investigating, and assessing AML risks.”