Raqami Islamic Digital Bank Selects BenchMatrix for the Implementation of RiskNucleus® Anti-Money Laundering Solution

Raqami Islamic Digital Bank, one of the most prominent upcoming Islamic digital banks in Pakistan, has selected BenchMatrix’s proprietary solution, RiskNucleus® as its Anti-Money Laundering (AML) transaction monitoring solution. This selection will empower Raqami to leverage innovative technology and advanced automation for a more intelligent approach to financial crime detection.

The Transaction Monitoring solution by BenchMatrix is a comprehensive and robust platform designed to monitor and detect financial, digital, and non-financial transactions originating from suspicious locations and multiple currencies, while monitoring deviations in behavior, and transactions from new accounts. The solution also offers a streamlined investigation process for faster resolution of alerts and increased efficiency and cost-savings through automation.

On the occasion, Umair Aijaz, CEO Raqami Islamic Digital Bank Ltd. stated, “Raqami’ s foremost mission is to incorporate the Islamic ethos of wellbeing, accuracy and security in its digital operations and products. We have taken a momentous stride by collaborating with BenchMatrix for the best security and confidentiality of all operations and transactions. We hope to lead the market with excellence in all our endeavors in future.”

Javaid Sher Ali, Head of Engineering at Raqami Islamic Digital Bank Ltd. stated, “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. By investing in advanced monitoring tools, digital banks can enhance their security measures, ensure regulatory compliance, and protect both their assets and customers from the growing threat of digital fraud.”

The AML suite comprising modules of Watch-list screening, Transaction monitoring, AML / CFT Risk assessment, and Governance and Reporting Tools, is a robust AML solution that helps banks comply with regulations set by the State Bank of Pakistan and international bodies like the Financial Action Task Force (FATF). RiskNucleus® AML helps banks identify and mitigate risks associated with money laundering and terrorist financing. The solution provides real-time transaction monitoring, allowing detection of suspicious activities more efficiently than manual processes. Being a proprietary solution, RiskNucleus® AML can be tailored to the specific needs of a financial institution and the regulatory environment in which it operates.

Taimur Kaleem, CEO BenchMatrix, shared his excitement on RiskNucleus® becoming integral to Raqami’s digital infrastructure, stating: “Pakistan has a developing digital financial sector, and BenchMatrix is focused on making it one of the most dependable and sound systems globally. With the layered security and shields provided by BenchMatrix, we look forward to helping Raqami Bank achieve its goal of providing secure digital financial services to Pakistan’s large population.”

Together, Raqami and BenchMatrix stay strongly committed to continuously enhance and provide secure and compliant digital banking experience for their customers.