Joyalukkas Exchange partners with Effiya Technologies

Joyalukkas Exchange partners with Effiya Technologies

By Leandra Monteiro

Joyalukkas Swap one of the leading money exchange offices in the Gulf has partnered with Effiya Technologies, a provider of artificial intelligence (AI) and machine learning (ML) solutions in AML/CFT compliance to increase efficiency and effectiveness in real-time screening transactions.

It has a hybrid ensemble approach with seamless integration and algorithms supported with machine learning models to generate the most accurate hits. The implementation of this technology has helped to reduce false positives to a greater extent without compromising potential matches by generating real-time alerts to boost overall compliance performance.

Antony Jos – Managing Director, Joyalukkas Exchange said of the partnership: “At Joyalukkas Exchange, compliance is non-negotiable and we don’t like it compromised at any level. We are diligent about this, to ensure a safe experience for all our customers in accordance with regulations and global AML standards. For us, building a culture of effective compliance will always remain a critical factor. Our goal with this partnership is to help and strengthen our responsibility and commitment as a regulated entity licensed by the Central Bank of the UAE to manage secure transactions for our clients.”

Joyalukkas Exchange is part of Joyalukkas Group, a multi-billion dollar conglomerate that has various business interests, including jewelry, currency exchange, fashion and silk, luxury charter flights and shopping malls. It is now one of the leading money transfer players in the industry.

Effiya Technologies is a FinTech startup that provides AI solutions to the customer. The company, headquartered in Singapore and with resellers across India and GCC, is one of the growing companies providing intelligent solutions to fight financial crime.