Dubai, United Arab Emirates — LM Exchange, one of the leading money transfer and currency exchange companies in the UAE, has partnered up with Effiya Technologies. With the help of Effiya’s dynamic risk assessment platform, robust sanctions screening and transaction monitoring solution, LM Exchange will now be able to perform more accurate matches for effective investigation and strategic decision making. It has further enhanced efficiency by integration through web technologies and end to end process automation
Mr. Jacob Varghese, Vice president LM Exchange said: “At LM Exchange, we follow a zero-tolerance policy toward financial crime incidents. For achieving this, we are committed to bringing the best-in-class technology to strengthen our monitoring of financial crimes. This requires the solution to have a robust risk assessment engine and sanctions screening to assess a customer’s risk profile in real-time during onboarding and during transactions. Effiya Technology solution’s AI enabled product along with their consulting services is what makes them stand out and we look forward to engaging with them in our future initiatives including expanding the solution to other GCC entities at LM Exchange.”
Mr. Hemanth Kumar, Head of AML & Compliance said: “The AI-powered solution ensures that all matches are alerted while significantly reducing the false matches. Effiya’s solution has lived up to our expectations and has helped optimize watch list matches while improving the efficiency of our operations. The solution has been implemented considering FATF recommendations, the UAE National Risk Assessment (NRA) and primarily the Central Bank of UAE’s standards and guidelines as per the Cabinet Decision No. (10) of 2019 concerning the implementing regulation of Decree-Law No. (20) of 2018. Effiya’s team is also very proactive and knowledgeable; and helped us throughout the implementation and post-implementation journey.
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