Effiya by Sutra, a top-notch provider of AI-driven compliance solutions, took part in the eagerly awaited Technomeet 23 function. The gathering was a platform for industry experts, professionals, and enthusiasts, where they mused over the latest innovations in technology and how it positively affects different sectors.
Jigar Shah, Managing Director of Effiya presented during the event on how compliance departments can leverage AI to enhance their capabilities and become AI-enabled. He highlighted the critical role that artificial intelligence will perform in unfolding the rapidly evolving complex financial crime and it will equip compliance department with advance capabilities that go beyond the traditional approaches.
Jigar suggested that Chief Compliance Officers should proactively start implementing the change rather than waiting the regulators to push it. He further discussed the apprehensions of CCOs regarding AI. Concerns such as existing workload and the time-consuming nature of digitalization projects, which can be a source of frustration and headache. Furthermore, the board of directors might not be actively endorsing technology adoption due to their belief in the superiority of human-based approaches over computer-based solutions. This reluctance could also stem from previous encounters with underdeveloped AI products.
Jigar Shah
“Annually, illicit transactions of $800 billion to $2 trillion are done globally. however, authorities only intercept less than 1% of this amount. Through the integration of AI technology, organizations can automate routine tasks such as onboarding & ongoing risk assessment and improve precision of name, entity matching during real -time transaction processes. And utilizing solutions such as Effiya compliance suite that is packed with features like adverse media, transaction behavior and network score automation – can be of great help. This not only saves time and costs but also enhances overall regulatory compliance.”
Effiya’s active involvement in the fight against financial crime has been reinforced by its participation in the Technomeet 23. Attendees took a keen interest in Jigar’s insights and eagerly sought more knowledge about Effiya’s Ai powered compliance solutions. The company’s exhibit drew a substantial crowd, with participants engaging in thought-provoking conversations and experiencing first-hand demonstrations of Effiya’s products.
For more information about Effiya’s AI-powered products and services, please visit www.effiya.com or contact at info@effiya.com.
About Effiya
Effiya Technologies, powered by Sutra Management, is a Singapore-based fintech startup offering AI-enabled compliance solutions for financial institutions. With reseller partners in India and the GCC, Effiya is at the forefront of combating financial crimes with intelligent solutions. Their patented technology reduces false positives, provides reliable and cost-effective watchlist, conducts transaction monitoring, etc.