GCC Exchange signs for Wynyard AML SaaS

Anti-Money Laundering solution will help protect UAE-based money exchange

Tags: GCC Exchange (www.gccexchange.com/)United Arab EmiratesWynyard Group (wynyardgroup.com/)
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GCC Exchange signs for Wynyard AML SaaS The Wynyard AML solution will help to enforce anti-money laundering regulations.
By  Mark Sutton Published  January 8, 2014

UAE money exchange company GCC Exchange has signed up for Wynyard Group's Anti-Money Laundering (AML) software-as-a-service.

The company will use the Anti-Money Laundering (AML) service to help monitor and regulate transactions to prevent money laundering and other financial irregularities.

Growing worldwide regualtions to combat money laundering mean that companies such as GCC Exchange are turning to technology solutions to help them address legal requirements. Failure to meet these complex regulations could mean halt in trading, reputational loss as well as tough financial penalties.

GCC Exchange general manager, Mukesh Himatlal commented: "By partnering with Wynyard we are armed with the top tools in the industry to best protect our business and customers from financial crime. Wynyard will help us meet worldwide compliance and regulatory standards so we can focus on growing our business and delivering excellent customer service.

"Wynyard Group's comprehensive AML solution fully integrates world leading watch lists from Dow Jones Risk and Compliance, providing Politically Exposed Persons (PEP), sanctioned entity and Know Your Customer (KYC) screening.

"The Wynyard solution delivers a comprehensive service for detecting, investigating and reporting suspicious activities, backed by local support," he added.

Wynyard Group managing director, Craig Richardson said: "Wynyard is experiencing growing demand for its advanced crime analytics SaaS solution, particularly in the United Kingdom, the Middle East and New Zealand.

"We have a world-leading Financial Crime team experienced in developing solutions for complex corporate fraud, money laundering and countering funding of terrorism investigations which give Wynyard clients access to the best global knowledge, skills and experience for supporting local, national and trans-national financial crime detection and prevention," said Richardson.

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