One of the most well-known and recently established Islamic digital banks in Pakistan, Raqami Islamic Digital Bank, has chosen RiskNucleus®, a proprietary solution from BenchMatrix, as its anti-money laundering (AML) transaction monitoring system. With this decision, Raqami will be able to use cutting-edge automation and technology to detect financial crimes with greater intelligence.
BenchMatrix’s Transaction Monitoring solution is a feature-rich and resilient platform that is intended to track and identify digital, financial, and non-financial transactions that come from dubious sources and involve several currencies. It can also be used to monitor anomalies in behavior and transactions from newly opened accounts. Additionally, the solution provides a streamlined investigative process for quicker alarm resolution as well as enhanced automation-based efficiency and cost savings.
“Raqami’s foremost mission is to incorporate the Islamic ethos of wellbeing, accuracy, and security in its digital operations and products,” said Umair Aijaz, CEO of Raqami Islamic Digital Bank Ltd., on the occasion. By working with BenchMatrix to ensure the highest level of security and secrecy for all operations and transactions, we have made a significant advancement. In the future, we want to excel in everything we do and dominate the market.
“This partnership between Raqami and BenchMatrix will play a key role in Raqami’s mission to provide seamless and secured digital financial services to its targeted customers,” said Javaid Sher Ali, Head of Engineering at Raqami Islamic Digital Bank Ltd. Digital banks may improve security and assure regulatory compliance by investing in sophisticated monitoring technologies. Protecting clients from the increasing risk of online scams.
The AML suite, which includes modules for transaction monitoring, watch-list screening, AML/CFT risk assessment, governance and reporting tools, and more, is a powerful AML solution that assists banks in adhering to rules established by the State Bank of Pakistan and global organizations such as the Financial Action Task Force (FATF). Banks can detect and reduce risks related to money laundering and terrorist financing with the use of RiskNucleus® AML.
Compared to manual processes, the solution’s real-time transaction monitoring makes it possible to identify suspicious activity more quickly. RiskNucleus® AML is a patented solution that can be customized to meet the unique requirements of a financial institution and the regulatory landscape in which it operates.
BenchMatrix CEO Taimur Kaleem expressed his delight that RiskNucleus® will soon be an essential part of Raqami’s digital infrastructure, saying, “Pakistan’s digital financial sector is growing, and BenchMatrix is focused on making it one of the most stable and sound systems globally.” We are excited to work with BenchMatrix to support Raqami Bank in achieving its objective of offering safe digital financial services to Pakistan’s sizable populace, thanks to the multilayer protection and shields it offers.Raqami and BenchMatrix are steadfastly devoted to working together to consistently improve and offer their clients a safe, legal, and digital banking experience.
