Karachi, Pakistan – Raqami Islamic Digital Bank, an emerging leader in Islamic digital banking in Pakistan, has chosen BenchMatrix’s proprietary RiskNucleus®️ solution for its Anti-Money Laundering (AML) transaction monitoring. This decision marks a significant step forward in leveraging advanced technology and automation for enhanced financial crime detection.
RiskNucleus®️, developed by BenchMatrix, is a comprehensive platform designed to monitor and detect financial, digital, and non-financial transactions. It identifies suspicious activities from multiple currencies and locations, monitors behavioral deviations, and scrutinizes transactions from new accounts. The solution streamlines the investigation process, ensuring faster resolution of alerts and increased efficiency through automation, ultimately leading to significant cost savings.
CEO of Raqami Islamic Digital Bank Ltd., Umair Aijaz, commented:
“Raqami’s foremost mission is to incorporate the Islamic ethos of wellbeing, accuracy, and security in its digital operations and products. By collaborating with BenchMatrix, we are taking a momentous stride towards ensuring the best security and confidentiality for all our operations and transactions. We aim to lead the market with excellence in all our future endeavors.”
Javaid Sher Ali, Head of Engineering at Raqami Islamic Digital Bank Ltd., added:
“This partnership between Raqami and BenchMatrix is crucial in our mission to provide seamless and secure digital financial services to our customers. Investing in advanced monitoring tools enables us to enhance security measures, ensure regulatory compliance, and protect our assets and customers from the growing threat of digital fraud.”
The AML suite includes modules for watch-list screening, transaction monitoring, AML/CFT risk assessment, and governance and reporting tools. This robust solution helps banks comply with regulations set by the State Bank of Pakistan and international bodies such as the Financial Action Task Force (FATF). RiskNucleus®️ AML enables real-time transaction monitoring, providing a more efficient detection of suspicious activities than manual processes. Its adaptability allows customization to meet the specific needs of financial institutions and regulatory environments.
Taimur Kaleem, CEO of BenchMatrix, expressed his enthusiasm:
“Pakistan’s digital financial sector is developing rapidly, and BenchMatrix is dedicated to making it one of the most dependable and secure 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.”
Raqami and BenchMatrix remain committed to continuously enhancing and providing a secure and compliant digital banking experience for their customers.
About Raqami Islamic Digital Bank:
Raqami envisions a transformative banking landscape where accessibility evolves into empowerment. Their mission is to pioneer customer-centric, Shariah-compliant digital banking in Pakistan. Through cutting-edge technology and a commitment to financial inclusivity, Raqami provides tailored solutions for the unbanked and underbanked. The bank’s journey is rooted in trust, innovation, and sustainability, aiming to elevate their customers’ lives across all dimensions.
About BenchMatrix:
BenchMatrix is a leading management consulting firm combining expertise, innovation, and a client-focused approach to deliver high-quality solutions. Offering a range of services in risk management, compliance, governance, strategic advisory, and capacity building, BenchMatrix helps organizations enhance performance and ensure regulatory compliance. As the business landscape evolves, BenchMatrix is dedicated to helping clients navigate challenges and seize opportunities with confidence.
