UAE-Based Lulu Exchange‎ Adopts Fiserv’s AML Risk Manager

Abu Dhabi-based foreign exchange and remittance company, Lulu ‎Exchange, has implemented Anti-Money Laundering (AML) Anti-Money Laundering (AML) Anti-money laundering (AML) is a term that describes laws, processes, and regulations that are intended to prevent illegally obtained funds from being disguised as income gained through legitimate means. The fundamental purpose of the AML laws is to help safeguard, detect, and report suspicious activity including the predicate offenses to money laundering and terrorist financing, such as securities fraud and market manipulation.Most exchanges have AML measures that include identity verification Anti-money laundering (AML) is a term that describes laws, processes, and regulations that are intended to prevent illegally obtained funds from being disguised as income gained through legitimate means. The fundamental purpose of the AML laws is to help safeguard, detect, and report suspicious activity including the predicate offenses to money laundering and terrorist financing, such as securities fraud and market manipulation.Most exchanges have AML measures that include identity verification Read this Term) 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.‎

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Lulu Exchange has licensed the latest Cloud Cloud The cloud or cloud computing helps provides data and applications that can be accessed from nearly any location in the world so long as a stable Internet connection exists. Categorized into three cloud services, cloud computing is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). In terms of trading, the versatility of the cloud service allows retail traders the ability to test out new trading strategies, backtest pre-existing conc The cloud or cloud computing helps provides data and applications that can be accessed from nearly any location in the world so long as a stable Internet connection exists. Categorized into three cloud services, cloud computing is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). In terms of trading, the versatility of the cloud service allows retail traders the ability to test out new trading strategies, backtest pre-existing conc Read this Term-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.”