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

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”.