Joyalukkas Exchange Oman adopted Artificial Intelligence aided technology to enhance the efficacy of sanctions screening

Muscat, Oman — With the success story in UAE, Joyalukkas Exchange has expanded the rollout of Artificial Intelligence-enabled compliance solutions to other countries. Joyalukkas Exchange is one of the leading money exchange houses in the Gulf and Effiya is the analytics technology partner in their journey of transforming AML/CFT compliance with AI and Machine learning. The solution seamlessly integrates global sanctions lists with dynamicity to screen customers using multiple parameters. The machine learning models backed with patented algorithms ensure high-precision hits.  

Mr. Nixon Baby Puthanangadi, General Manager of Joyalukkas Exchange LLC - Oman, said:  Joyalukkas Exchange is always committed to the highest standards of compliance with the AML/CTF law of Oman, and the guidelines issued by the Central Bank of Oman. We are always looking for innovative technologies to enhance our regulatory compliance framework to make them more robust by implementing state-of-the-art compliance solutions. The collaboration with Effiya Technologies is a significant step toward our vision of implementing AI-enabled compliance solutions and process automation.

Sunil P Ganesan, Chief Compliance Officer of Joyalukkas Exchange LLC - Oman said “Effiya’s AI-enabled screening solution has helped reduce the false positives to a greater extent. The solution assists the investigation team in faster decision-making by precise hits and complete information about the matched entity on a real-time basis.