Cleareye.ai, a global leader in AI-driven trade finance automation, is proud to announce its partnership with RAKBANK in its transformation journey. This collaboration marks a significant milestone in the trade finance automation arena, not only empowering RAKBANK with advanced AI-powered capabilities to streamline its Compliance operations but also automating TBML Red Flag checks adhering to regulatory guidelines around a wide range of illicit activities, including Over- or under-invoicing of goods and services, Over- and Under-Shipment of Goods and Services, Multiple Invoicing of Goods and Services, Use of Shell, Front, or Shelf Companies, vessel tracking, Change in customer LOB, High-Risk Goods identification and many more.
RAKBANK, also known as the National Bank of Ras Al Khaimah (P.S.C), is one of the UAE’s oldest and most dynamic banks. Founded in 1976, RAKBANK is a market leader in providing a wide range of banking services across the UAE and has consistently been at the forefront of innovation.
Leveraging Cleareye.ai’s transformative ClearTrade® platform across trade finance operations RAKBANK aims to strengthen its capabilities further, ensuring faster processing, reduced operational risks, and improved regulatory adherence to meet CBUAE mandates.
From a regulatory perspective, the ClearTrade® platform’s ability to determine high-risk transactions by dissecting numerous variables offers a robust digital product for regulatory compliance automation for all the banks in the MENA region.
Cleareye.ai is an advanced Artificial Intelligence & Machine Learning platform that enables banks to launch products at a rapid pace. Headquartered in California with offices in New York, and India, the company aims to simplify banking. The platform leverages technology breakthroughs with a fully automated document processing layer, unified ML lifecycle management, data management, model governance and dynamic rules engine leveraging NLP.
This will transform banks into hyper-agile organizations, that customers want to bank with and deliver exceptional customer service, drive short-term gains and long-term growth, and generate insights to sustain momentum at a digital scale.
For more details, visit www.cleareye.ai
​RAKBANK, officially known as the National Bank of Ras Al-Khaimah (P.S.C.), is one of the oldest and most dynamic banks in the United Arab Emirates (UAE). Established in 1976, it is headquartered in the emirate of Ras Al Khaimah. The bank is a public joint stock company, with the government of Ras Al Khaimah holding a majority stake of 52.76%. RAKBANK offers a wide range of services, including personal, wholesale, and business banking, through its network of 20 branches and digital platforms. Additionally, it provides Sharia-compliant products via its Islamic Banking unit, RAKislamic. The bank’s shares are publicly traded on the Abu Dhabi Securities Exchange under the symbol RAKBANK.
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