Al Ansari Exchange chooses Pelican’s AI-based AML solution
Al Ansari Exchange, a foreign currency exchange and money transfer service in the United Arab Emirates (UAE), has partnered with Pelican, a London-based firm which applies artificial intelligence technology to payments and financial crime compliance.
Pelican will implement its product PelicanSecure, an AI-based tool which tackles money laundering by providing sanctions screening and transaction monitoring solution, into the FX firm’s operations.
It uses machine learning and natural language processing to identify, screen and report suspicious transactions.
The partnership is designed to help Al Ansari Exchange on its way to creating what it hopes will be “an industry-leading compliance framework”.
“Preventing financial crime sits at the core of our business,” says deputy chief executive officer at Al Ansari Exchange Mohammad Bitar.
“The use of AI technology is part of the company’s strategy,” Bitar adds, revealing that its work with Pelican “is the start of a long-term partnership” which will strengthen the exchange’s regulatory compliance framework and processes.
Pelican was chosen for its compliance accuracy, explanation, auditability and processing capacity, according to Al Ansari, as well as for its ability to classify and highlight high-risk transactions and remittances with sanctioned entities.
Having also landed clients such as ADCB, Standard Chartered Bank, Wells Fargo, and State Bank of India, Pelican says its solution can be used “both in a real-time and periodic scanning and reporting environment”.
“It is a great privilege to work with Al Ansari Exchange, one of the leading exchange companies in the UAE,” says Pelican’s founder and CEO Parth Desai.