UAE – Mubasher: Money transfer firm Al Fardan Exchange has teamed up with the UK-based AML Analytics, which facilitates testing and validation of sanction screening and transaction monitoring systems, to fortify the Dubai-headquartered company’s ethical and sustainable business practices.
Al Fardan Exchange, which is licensed and regulated by the Central Bank of the United Arab Emirates (CBUAE), aims to raise anti-financial crime standards in the market through this partnership while implementing integrated compliance measures for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT), according to a press release.
Meanwhile, AML Analytics Regulatory Technology (RegTech) solutions will help Al Fardan Exchange align with regulatory requirements to eliminate the risk of financial crime.
CEO of Al Fardan Exchange, Hasan Al Fardan, said: “Through this strategic alliance, Al Fardan Exchange is set to invest substantially in state-of-the-art technology and expertise, elevating its operations and services to unprecedented levels of excellence.”
Al Fardan added: "Our partnership with AML Analytics marks a significant milestone in reaffirming our unwavering commitment to upholding the highest standards of compliance both regionally and globally."
It is worth noting that AML Analytics teamed up with more than 40 regulatory authorities worldwide.