PelicanSecure uses AI-based technology to analyse transactions flagged for investigation through sanction screening tools
Image: Mohammad Bitar and Parth Desai at the signing ceremony. (Credit: Al Ansari Exchange.)
Al Ansari Exchange, the UAE-based foreign exchange company, has partnered with Pelican, a company developing Artificial Intelligence (AI)-based financial crime compliance system.
Under the partnership, Pelican will implement its PelicanSecure, AI-based sanctions screening, anti-money laundering/transaction monitoring solution. The solution is claimed to be in line with Al-Ansari Exchange’s strategy and commitment to build an advanced compliance framework.
PelicanSecure uses advanced AI technologies to analyse transactions flagged for investigation through sanction screening tools. It also deploys machine learning and natural language processing to identify, screen and report suspicious transactions.
Al Ansari Exchange deputy chief executive officer Mohammad Bitar said: “Preventing financial crime sits at the core of our business and the partnership with Pelican demonstrates our commitment to continuously explore, create and introduce innovative financial solutions to strengthen our regulatory compliance framework and processes.
“The use of AI technology is part of the company’s strategy, so finding a proven solution from a partner we can trust is key. We selected pelican as we are convinced they can support us enhancing our anti-money laundering and sanctions compliance frameworks to make them more robust through the use of innovative technology.
“This is the start of a long-term partnership with Pelican and we look forward to working closely to streamline our operations around sanction screening, transaction monitoring and AML, both now and in the future.”
PelicanSecure scored high in compliance accuracy and auditability
Al Ansari Exchange has gone through a comprehensive evaluation process to select its partner. PelicanSecure was selected after it scored high in compliance accuracy, explanation, auditability and processing capacity.
The solution was also selected for its AI-based approach to classify and highlight high risk transactions and remittances with sanctioned entities.
In September last year, Italian bank Intesa Sanpaolo announced the implementation of Pelican’s AI-based sanctions self-learning solution, PelicanSecure Sanctions Self-Learning.
Intesa Sanpaolo had chosen the solution as part of its four-eye control project for sanctions screening.