Al Fardan Exchange partners with AML Analytics to boost security

By Delisha Fernandes

Al Fardan Exchange, a money transfer and currency exchange firm, has partnered with UK-based AML Analytics, which facilitates testing and validation of sanction screening and transaction monitoring systems.

The partnership strengthens Al Fardan Exchange’s commitment to ensuring that sanctions systems are functioning as intended, thereby elevating anti-financial crime standards in the market.

The money transfer company seeks to fortify its present robust ethical and sustainable business practices, by implementing comprehensive compliance measures for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT).

“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”. Hasan Fardan Al Fardan, CEO of Al Fardan Exchange, said, “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.”

AML Analytics Regulatory Technology (RegTech) solutions enhance the screening and monitoring systems, which will assist the money transfer company in complying with regulatory requirements. This will help to minimise the risk of financial crime, Targeted Financial Sanctions and ensure that strong detection systems are in place.

Tim Holder, Managing Director Middle East and Africa, AML Analytics, said, “AML Analytics are delighted to have been asked to partner with Al Fardan Exchange to assist with their continued proactive approach to their AML/CFT work. I’m thoroughly looking forward to working closely with Hasan Fardan Al Fardan and his team to help them further the development of their vision and future goals.”  

AML Analytics collaborates with regulators, supervisors, and central banks globally, delivering technical expertise and advanced Supervisory Technology (SupTech) to test and validate regulated entities’ AML/CFT systems as part of Thematic Reviews.