Financial Crime World

Qatar’s Financial Sector Adopts AMLEXA AI-Powered AML Compliance Software

In a significant move towards enhancing financial transparency and combating money laundering, Qatar’s financial sector has adopted AMLEXA, the first Artificial Intelligence Platform for “Distance Customer Due Diligence” and “Remote Online KYC (Know Your Customer)”.

Automated AML Compliance

AMLEXA’s web-based software automates all processes of Remote Identification, AML Verification, AML Risk Assessment, and AML Transaction Monitoring for cryptocurrency, gaming, financial, and professional sectors. The user-friendly platform consists of four modules that can be easily integrated with any system via API:

  • AMLEXA AML Identification Module
    • Uses patented authentication technology to verify customer identities through biometric recognition of their faces
    • Compares data contained in government-issued identity documents
    • Automatically collects information and performs forensic tests to confirm ID validity and customer identity
  • AMLEXA AML Verification Module
    • Guarantees automatic AML checks, PEPS checks, and real-time validation
    • Verifies the presence of customers on Politically Exposed Person Lists (PEPs List), Sanction Lists, AML Watchlist, and AML Blacklist
    • Confirms personal data, information, and documentation collected from customers through independent and reliable sources
  • AMLEXA AML Risk Assessment Module
    • Uses patented artificial intelligence algorithm to assess money laundering risks
    • Takes into account factors such as customer risk, transaction risk, product or service risk, interface risk, and geographical risk
    • Automatically recognizes suspicious behavior and provides real-time AML risk assessments
  • AMLEXA AML Transaction Monitoring Module
    • Screens all transactions undertaken throughout the course of a business relationship to ensure consistency with customer knowledge and AML risk profiles
    • Checks for any divergence between actual transactions and expected behavior
    • Automatically collects more information and re-evaluates AML risk assessments as necessary

AI-Powered Detection and Reporting

AMLEXA’s software has been designed to detect and report suspected instances of money laundering or financing terrorism to the Money Laundering Reporting Officer (MLRO). Back-office investigations are conducted to determine whether sufficient information is available to notify results in an internal report.

For more information on how AMLEXA can enhance AML compliance in Qatar’s financial sector, contact us now.