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Saudi-Based Mozn Uses AI To Detect Money Laundering & Fraud

The company combats a wide range of financial crimes using pattern recognition and advanced algorithms.

Published

2 years ago

May 12, 2023

Nour Nasir

Mozn

Saudi Arabia’s Mozn, an AI platform founded by Dr. Mohammed Alhussein, uses advanced artificial intelligence algorithms to detect and prevent financial crimes and increase compliance.

The company’s advanced platform is known as FOCAL. It can sift through masses of financial data using pattern recognition and other advanced techniques to spot fraud and money laundering in real time.

Dr. Alhussein developed the FOCAL platform by studying anti-money-laundering and anti-terrorism legislation and compliance and quickly realized that traditional (often manual) checks and safeguards were too slow to act.

Mozn’s AI technology uses name-matching algorithms uniquely optimized for the Arabic language and reconciles its findings against 1,300 international and regional sanctions. Meanwhile, the system’s anti-fraud functionality detects suspicious patterns by confirming payee identities against the records of destination accounts — a process that is said to reduce investigation times by up to 95%.

Also Read: A Guide To Digital Payment Methods In The Middle East

Although the platform was launched in Saudi Arabia, CEO Dr. Mohammed Alhussein recently announced plans to expand into the UAE, noting that the company’s long-term goal would be to develop operations further across the GCC. “The UAE has been making significant strides in enhancing its AML compliance and combating financial fraud, and Mozn entering UAE market will help accelerate these efforts,” Alhussein stated in a press release. “We are excited to begin this next chapter in Mozn’s growth journey as we enter the broader GCC market through our UAE office”.

Related Topics:Artificial Intelligence FinTech Saudi Arabia

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1,000 Drones Light The Dubai Sky For AC Milan Celebration

Cyberdrone’s groundbreaking display marked 125 years of AC Milan football club and the 1st-year anniversary of Casa Milan Dubai.

Published

3 days ago

November 21, 2024

Nour Nasir

Cyberdrone, a leading UAV display company based in Dubai, put on a breathtaking drone light show on Monday to honor two significant football milestones: AC Milan’s 125th anniversary and the one-year anniversary of Casa Milan Dubai.

The spectacle involved 1,000 drones working in perfect harmony to project AC Milan’s iconic imagery against the city’s night sky. Highlights included the UAVs synchronizing to form the club’s iconic crest, the signature red and black jersey, and a special emblem marking its 125th year. The intricate performance demanded meticulous planning, not just in terms of choreography, but also in dealing with the necessary permits and logistics.

cyberdrone ac milan dubai

“Our goal was to spotlight AC Milan’s legacy through a stunning visual narrative,” explained Mohamed Munjed Abdulla, Director of Sales at Cyberdrone. “We celebrated the club’s history, its Dubai milestone, and the universal love for football. The show also enhanced AC Milan’s regional presence, growing its fanbase through a cutting-edge, memorable experience. Drone shows are unparalleled in leaving lasting impressions, making them perfect for driving partnerships and growth”.

Also Read: Joby Begins Construction Of Dubai’s First Vertiport For Air Taxis

Greta Nardeschi, AC Milan’s Regional Director for MENA, echoed the sentiment, adding: “Collaborating with Cyberdrone for this 1,000-drone performance allowed us to connect with our fans in innovative ways. It gave us a unique opportunity to surprise and inspire audiences while elevating our Club’s visibility and that of our partners. Cyberdrone truly helped us take AC Milan to new heights”.

This groundbreaking drone display sets a new benchmark for the Middle East’s sports sector, which already contributes around $2.4 billion annually to Dubai’s GDP alone. Sporting events also generate $1.76 billion in revenues across the region, while the MENA’s entertainment sector, valued at $41.13 billion, is growing at 9.41% annually, driven by rapid technological advancements.