ThetaRay seals deal to improve post-transaction monitoring and detect financial crime

One of the leading banks in Northwest Europe, ABN AMRO Bank N.V., has chosen ThetaRay’s machine learning solution to improve the effectiveness and efficiency of post-transaction monitoring in controlling money laundering and terrorist financing risks.

The scope of the activities is bank-wide and has been defined for period of five years.

ThetaRay’s solution allows financial institutions to detect the earliest signs of financial crime. The solution is based on mathematical algorithms that have been developed for over a decade by world renowned mathematicians, as well as progressive machine learning with the ability to detect financial crime patterns before they take place. The low false positive rates generated by the efficient solution enable banks to handle the dangers of money laundering, terrorist financing and other crime-related risks.

Helène Erftemeijer, Director Client Due Diligence, Admin & Regulations at ABN AMRO said, “We have chosen ThetaRay’s solution as best match for ABN AMRO’s primary and secondary goals. We are happy to embark on this new relationship with ThetaRay.”

Shay Dovev, SVP Sales at ThetaRay added, “We are very happy to have ABN AMRO join the distinguished group of leading banks already using ThetaRay’s solution. Today banks are dealing with complex challenges when facing terrorism and financial crime. They have no option but to use the best technologies based on artificial intelligence and machine learning to protect themselves and meet increasing regulatory requirements.”