Muscat, Oman, 5 June 2023 – 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.
About Joyalukkas Exchange
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. Joyalukkas Exchange is now one of the leading money transfer players in the industry and an integral part of the Multi-Billion Dollar Group and has been continuing to gain favour. The Joyalukkas Exchange network has steadily grown to become 72 branches across UAE, Oman, and Kuwait. The Group has aggressive plans to grow the business further. The services include remittance, currency exchange, payroll solutions, and other payment solutions all under one roof.
About Effiya Technologies
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. Developed with years of research, Effiya has a patented technology that reduces false positives and reduces investigation time throughout the customer lifecycle.