Raqami Islamic Digital Bank has chosen BenchMatrix’s RiskNucleus® solution to power its Anti-Money Laundering (AML) transaction monitoring. This selection signifies Raqami’s commitment to leveraging innovative technology for a more intelligent approach to financial crime detection.
BenchMatrix’s RiskNucleus® is a comprehensive platform designed to monitor and detect suspicious financial activity. It can track transactions across various channels and currencies, identify deviations in behavior, and flag transactions from new accounts. The solution also streamlines the investigation process and boosts efficiency through automation.
“Our core mission at Raqami is to integrate Islamic principles of well-being, accuracy, and security into our digital operations,” said Umair Aijaz, CEO of Raqami Islamic Digital Bank. “Partnering with BenchMatrix ensures the highest levels of security and confidentiality for all our transactions. We strive to be a leader in the market, and this collaboration is a major step forward.”
Javaid Sher Ali, Head of Engineering at Raqami, echoed this sentiment.
“This partnership strengthens Raqami’s ability to provide secure and seamless digital financial services. Investing in advanced monitoring tools allows us to enhance security, comply with regulations, and protect our assets and customers from digital fraud.”
The RiskNucleus® AML suite offers a complete package for banks, including watch-list screening, transaction monitoring, AML/CFT risk assessment, and governance and reporting tools. This robust solution helps banks adhere to regulations set by the State Bank of Pakistan and international bodies like the Financial Action Task Force (FATF).
Taimur Kaleem, CEO of BenchMatrix, expressed his enthusiasm about the collaboration.
“Pakistan’s digital financial sector is growing rapidly,” he said, “and BenchMatrix is committed to making it one of the most reliable and secure systems globally. Our layered security solutions will empower Raqami to achieve its goal of providing secure digital banking services to the vast Pakistani population.”
Together, Raqami and BenchMatrix are dedicated to offering a consistently secure and compliant digital banking experience for their customers.
