Raqami Islamic Digital Bank, a prominent player in Islamic digital banking in Pakistan, has selected BenchMatrix’s proprietary RiskNucleus®️ solution for its Anti-Money Laundering (AML) transaction monitoring. This strategic move underscores their commitment to deploying advanced technology and automation to bolster financial crime detection capabilities.
Developed by BenchMatrix, RiskNucleus®️ is a robust platform that monitors and detects financial, digital, and non-financial transactions across multiple currencies and locations. It identifies suspicious activities, monitors behavioral anomalies, and scrutinizes transactions from new accounts. Moreover, by streamlining investigations, automating processes, and enhancing efficiency, the solution delivers substantial cost savings.
Umair Aijaz, CEO of Raqami Islamic Digital Bank Ltd., emphasized their dedication to integrating Islamic principles of wellbeing, accuracy, as well as security into digital operations and products through collaboration with BenchMatrix. This partnership aims to set new benchmarks in security and confidentiality across all operations and transactions.
According to Javaid Sher Ali, Head of Engineering at Raqami Islamic Digital Bank Ltd., partnering with BenchMatrix is pivotal in their mission to deliver seamless, secure digital financial services. Simultaneously, investing in advanced monitoring tools enhances security measures, ensures regulatory compliance, and safeguards assets and customers from digital fraud.
The AML suite includes modules for watch-list screening, transaction monitoring, AML/CFT risk assessment, and governance and reporting tools. This comprehensive solution facilitates compliance with regulations from the State Bank of Pakistan and global bodies like the Financial Action Task Force (FATF). In addition, RiskNucleus®️ AML enables real-time transaction monitoring, surpassing manual processes in detecting suspicious activities efficiently. Its adaptable nature allows customization to meet specific institutional and regulatory requirements.
Taimur Kaleem, CEO of BenchMatrix, expressed optimism about Pakistan’s rapidly evolving digital financial sector. Moreover, he highlighted BenchMatrix’s commitment to fortifying the country’s financial systems with advanced security measures, supporting Raqami Bank’s mission to offer secure digital financial services to Pakistan’s vast population.
Simultaneously, Raqami and BenchMatrix are dedicated to continuously enhancing and ensuring a secure, compliant digital banking experience for their customers.
About Raqami Islamic Digital Bank:
Raqami envisions transforming banking into an empowering experience. They lead in customer-centric, Shariah-compliant digital banking in Pakistan, offering tailored solutions for the unbanked and underbanked through innovative technology and financial inclusivity.
About BenchMatrix:
BenchMatrix is a premier management consulting firm renowned for its innovative, client-focused solutions in risk management, compliance, governance, strategic advisory, and capacity building. They empower organizations to navigate evolving business landscapes with confidence and compliance.
