Joyalukkas Exchange has partnered with Effiya Technologies

By Leandra Monteiro

Joyalukkas Exchange one of the leading money exchange houses in the Gulf has partnered with Effiya Technologies an Artificial Intelligence (AI) and Machine Learning (ML) solutions provider on AML/CFT compliance for greater efficiency and effectiveness in real-time screening transactions.

It has a hybrid ensemble approach with seamless integration and algorithms backed with machine learning models to generate the most accurate hits. The implementation of this technology has helped reducing the false positives to a greater extent without compromising potential matches by generating real-time alerts and hence empowering the overall compliance performance.

Antony Jos – Managing Director, Joyalukkas Exchange speaking about the partnership said, “At Joyalukkas Exchange, adherence to compliance is non-negotiable and we don’t like it be compromised at any level. We are diligent on this, to ensure a safe and secure experience for all our customers in line with Regulations and global AML standards. For us building the culture of effective compliance will always remain a critical factor. Our aim with this collaboration is to help and strengthen our responsibility and commitment as a regulated entity licensed by Central Bank of the UAE to manage safe and secure transactions for our customers.”

Joyalukkas Exchange is part of Joyalukkas Group a multibillion-dollar conglomerate that has various business interests, including jewellery, money exchange, fashion & silks, luxury air charter and malls. It is now one of the leading money transfer players in the industry.

Effiya Technologies is a FinTech startup that provides AI-enabled solutions for the client. Headquartered in Singapore and with reseller partners across India and GCC, the company is one of the growing companies providing intelligent financial crime combatting solutions.