Industry NewsDecember 29, 2017

LuLu Exchange adopts Fiserv’s AML Risk Manager

FiservLuLu Exchange, a global FX and money remittance enterprise based in Abu Dhabi, announced that leading FinTech solutions provider Fiserv was selected to enhance its financial crime prevention capabilities and enable its expansion into new markets.
LuLu Exchange will implement a cloud-based version of AML Risk Manager from Fiserv, which utilizes machine learning to detect suspicious transactions, leading to more accurate fraud detection and fewer false positives. This helps to eliminate the inconvenience and delay caused when legitimate transactions are flagged for investigation, benefiting both customers and staff by facilitating a better experience and more efficient operations.
The experience of Fiserv in the Gulf Cooperation Council (GCC) region and globally was a key factor in their selection, as LuLu Exchange will rely on the expertise of Fiserv as it moves into new markets.
Christos Christou, Chief Compliance Officer, LuLu Exchange
Christos Christou, Chief Compliance Officer, LuLu Exchange

Christos Christou, Chief Compliance Officer, LuLu Exchange, said: “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.”

AML Risk Manager provides advanced customer risk profiling, risk scoring, transaction monitoring and know your customer (KYC) capabilities. Leveraging dynamic inference techniques and visualisation tools, AML Risk Manager offers behavioural profiling, the ability to quantify risk mitigation through investigation, and beneficial ownership insight. The solution is configurable, enabling the LuLu Exchange compliance team to be in complete control of the system. This will help increase efficiency, as it offers essential flexibility for the team to use the system without the need for IT or vendor support.
John Smith, managing director, EMEA, Fiserv
John Smith, managing director, EMEA, Fiserv

John Smith, managing director, EMEA, 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.”

Lulu Exchange was launched nine years ago and is already one of the largest financial services companies in their market, with over 170 branches worldwide in countries such as Oman, Kuwait, Qatar, Bahrain, India, Philippines, Seychelles, Hong Kong and Ireland, while expanding across the Asia Pacific region and Europe.
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