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LuLu Exchange, LOGOS IT ink deal for AML – Compliance Software
March 10, 2014, 12:45 pm

Upping the ante against financial crime, LuLu Exchange, the leading remittance and foreign exchange company operating in the State of Kuwait,  in association with Pearl Data Direct, signed a contract with the Luxembourg-based LOGOS ITS to procure the iDETECT compliance software in Abu Dhabi on 9 February.

The glittering ceremony was presided by Her Excellency Mrs. Nicole Bintner-Bakshian, the Ambassador of Grand Duchy of Luxembourg to the UAE. The signing ceremony took place in the presence of senior management of both companies. Also present in the ceremony were Marc Scheer, Deputy Head of Mission, Embassy of the Grand Duchy of Luxembourg and Executive Director, Luxembourg Trade and Investment Office.

LuLu Exchange since its inception has emphasized on strict Anti-Money Laundering (AML) policies and procedures, stringent compliance and yet safe and transparent business. The signing of the contract is a bid to further strengthen its ongoing effort towards this cause. The software has the reputation as the only software platform in the market that provides end-to-end functional coverage and protection against the full financial crime spectrum through secure browser-based solutions, which is also highly configurable by end-users.

Addressing the gathering, Adeeb Ahamed, Director of LuLu Exchange, Kuwait and Pearl Data Direct said, “We have made a clear commitment to having truly differentiated risk, compliance and security functions with the procurement of iDETECT software. I look forward to seeing our company set new benchmarks. We draw constant inspiration from compliance wing of the Central Bank of Kuwait, which has been guiding us.

The Regulatory Authority of the country, by updating and adapting itself to the changing times, drives us to keep in line with newer anti financial crime laws. We are in fact studying the prospects of implementing the new US-based FATCA to our compliance list which already has UN Sanctions List, HM Treasury, OFAC Sanctions List, EU Sanctions List and others.”

“Partnering with the reputed Luxembourg based LOGOS IT Services Company to further strengthen the AML-compliance, financial crime and risk management is a step forward for us in the right direction. The synergy between Pearl Data and LOGOS ITS will help us continue to bring the same spirit of innovation to this area that we use to build our products and services,” Mr. Ahamed added.

François Gourdon, the Chairman of the Board and Chief Executive, LOGOS IT Services said,  “iDETECT is built to ensure that our demanding customers are provided with the best-of-breed features, and we always remember that, whatever happens, their satisfaction shall come first. I am convinced that great technology always meets great ambition.

In our headquarters in Luxembourg, we gathered elite professionals deeply passionate about building beautifully designed, innovative, and avant-garde software technology. Working with LuLu Exchange provides an opportunity to expand our business and reputation in the GCC and further.

“iDETECT is known to be a unique enterprise risk management platform on the market, which allows organizations to make sense of ever-growing amounts of data and face the most complex business challenges. With such technology, organizations can effectively combat sophisticated forms of money laundering and financing terrorism, prosecute crimes, effectively fight fraud, and minimize risks, all in an integrated end-to-end platform”, Mr. Gourdon further added.

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