Regtech accelerating the adoption of artificial intelligence by the financial institutions

Regtech helps financial and non-financial institutions by leveraging AI to reduce the time spent on investigations and the FTE required for the investigations of financial crimes. This sentiment was commonly echoed by the panel speakers of 6^th MENA Regtech: Mr. Muhammad Shahid Farid, Head of AML/CFT and Sanctions, The Commercial Bank, Mr Talal Shoukat - Head of Compliance & MLRO, Gulf Exchange, Mr Benjamin Anafi - Head of GRC, Ali Bin Ali, Mr Saiful Islam Vaidhyakkaran - Head of Compliance and MLRO, Al Zaman Exchange WLL and Mr Mahmoud Mhiri from Vneuron Risk and Compliance.

All of them acknowledged the role of technology in not only making their businesses agile, they also mentioned the role regtech is playing in making their organizations more digital to bring them closer to the business. This was an outcome of a panel discussion from the recently concluded 6^th MENA Regtech – Qatar edition at the City Center Rotana in Doha.

Mr Abhishek Gupta – Director of Effiya Technologies that participated in the event mentioned – “MLROs are warming up to the idea of leveraging AI to better equip themselves against the challenges in financial crimes. Be it machine learning models for customer due diligence, transaction monitoring to reduce false positives, or the automation of transaction behavior, network analysis and adverse media for conducting investigations. Regtechs need to continue following their client’s business model and help them reduce inefficiencies, bring more insights, help them be closer to their customers. This will prompt the MLROs to reduce their inhibition towards a technology, they like, but do not have a great understanding of it.”

About 6^th MENA Regtech

6th MENA REGTECH – Qatar edition at the City Center Rotana in Doha. The conference attracted participation from banks, exchange houses, insurance companies and fintech to discuss the upcoming challenges in dealing with financial crimes and ways to mitigate them by leveraging technology.

About Effiya Technologies

Effiya Technologies powered by Sutra Management is a fintech startup that provides AI-enabled solutions. Headquartered in Singapore and with reseller partners across India, Africa and GCC, the company is one of the growing companies providing intelligent financial crime combatting solutions. Developed with years of research, Effiya has a patented technology that reduces false positives for watchlist and transactions monitoring.