News

Fiserv deploys AML solution for international financial exchange

December 28, 2017

Fiserv Inc., a provider of financial services technology solutions, has announced that LuLu Exchange, a provider of cross-border remittance, currency exchange and other financial services for consumers and businesses, will enhance its financial crime prevention capabilities with a cloud-based version of Fiserv AML Risk Manager.

The anti-money laundering solution uses techniques such as machine learning to detect suspicious transactions, leading to more accurate fraud detection and fewer false positives, a company press release said. 

AML Risk Manager provides advanced customer risk profiling, risk scoring, transaction monitoring and know your customer capabilities. The system uses dynamic inference techniques and visualization tools to quantify risk mitigation through investigation and ownership insight. The solution is configurable and offers the flexibility for the Lulu Exchange team to use the system without the need for IT or vendor support.

Launched nine years ago in Abu Dhabi, Lulu Exchange is today one of the largest financial services companies in its market and has more than 170 branches worldwide. The business currently operates in Oman, Kuwait, Qatar, Bahrain, India, the Philippines, Seychelles, Hong Kong and Ireland, and is expanding across the Asia Pacific region and Europe. 

"Our ongoing expansion prompted an evaluation of our AML strategy," Lulu Exchange Chief Compliance Officer Christos Christou said in the release. "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."