AML transaction monitoring solution: Raqami selects BenchMatrix’s RiskNucleus

KARACHI: Raqami Islamic Digital Bank has selected BenchMatrix’s proprietary solution, RiskNucleus as its Anti-Money Laundering (AML) transaction monitoring solution.

This selection will empower Raqami to leverage innovative technology and advanced automation for a more intelligent approach to financial crime detection.

The AML suite comprising modules of Watch-list screening, Transaction monitoring, AML / CFT Risk assessment, and Governance and Reporting Tools, is a robust AML solution that helps banks comply with regulations set by the State Bank of Pakistan and international bodies like the Financial Action Task Force (FATF).

The Transaction Monitoring solution by BenchMatrix is a comprehensive and robust platform designed to monitor and detect financial, digital, and non-financial transactions originating from suspicious locations and multiple currencies, while monitoring deviations in behaviour, and transactions from new accounts. The solution also offers a streamlined investigation process for faster resolution of alerts and increased efficiency and cost-savings through automation.

On the signing ceremony, Umair Aijaz, CEO Raqami Islamic Digital Bank Ltd said that Raqami’ s foremost mission is to incorporate the Islamic ethos of wellbeing, accuracy and security in its digital operations and products. “We have taken a momentous stride by collaborating with BenchMatrix for the best security and confidentiality of all operations and transactions. We hope to lead the market with excellence in all our endeavours in future,” he added.

Taimur Kaleem CEO Bench Matrix said that Pakistan has a developing digital financial sector, and Bench Matrix is focused on making it one of the most dependable and sound systems globally. “With the layered security and shields provided by Bench Matrix, we look forward to helping Raqami Bank achieve its goal of providing secure digital financial services to Pakistan’s large population”, he added.

Javaid Sher Ali, Head of Engineering at Raqami Islamic Digital Bank said that this partnership between Raqami and Bench Matrix will play a key role in Raqami’s mission to provide seamless and secured digital financial services to its targeted customers.

He said that by investing in advanced monitoring tools, digital banks can enhance their security measures, ensure regulatory compliance, and protect both their assets and customers from the growing threat of digital fraud.

Copyright Business Recorder, 2024