BrazilInsurer MEDGULF implements regtech solution from AJMS Group
The UAE organisation of Mediterranean and Gulf Insurance and Reinsurance Company (MEDGULF) has taken into use a new regtech solution developed by professional services firm AJMS Group.
With branches across the Middle East, MEDGULF is one of the region’s largest insurance group providing insurance coverage (insurance and reinsurance) to retail and institutional markets.
In a bid to bolster its anti-money laundering (AML) assessment and compliance capabilities in the UAE, the company’s Dubai and Abu Dhabi branches have integrated the so-called ‘Digi-Comply’ tool into their core insurance platform.
Developed by the technology arm of AJMS Group, the ‘Digi-Comply’ tool helps MEDGULF with the automation of the several steps within the AML life cycle, including screening stakeholders for sanctions and their political exposure (PEP screening), performing financing of terrorism (CFT) checks, monitoring of transactions, risk management and compliance.
“The system assists us in reducing the number of ‘false positives’ and implementing a thorough AML and CFT risk assessment process, assuring compliance with in-country regulations,” said Shadi Al Mahameed, General Manager of MEDGULF in Dubai (who earlier in his career Al Mahameed spent three years with Marsh).
Now fully operational, Al Mahameed said that the tool – which has been built using a low-code framework – has landed well within the company’s ranks, in part thanks to its “cost-effective and user-friendly” nature. “The solution meets all the requirements of regulators and end users and we look forward to reaping its benefits.”
Abhishek Jajoo, Founder and CEO of AJMS Group, said of the collaboration: “We thank MEDGULF for the trust shown in our tool and are excited to be a part of their digital transformation journey.”
Across the Middle East, MEDGULF is present in the UAE, Bahrain, Egypt, Jordan, Lebanon, Saudi Arabia, and Qatar.
