AI-Based Platform Eliminates Money Laundering and Terrorism Financing Risk by Providing Full Visibility into Cross-Border Transaction Path

ThetaRay, a leading provider of AI-based Big Data analytics, today announced that its Anti-Money Laundering (AML) for Correspondent Banking solution has been chosen by Spanish wholesale bank Cecabank. The AI-based technology will enable Cecabank to analyze SWIFT traffic, risk indicators and client/payer/payee data to detect anomalies indicating money laundering or terrorism financing schemes in correspondent banking transactions.

ThetaRay’s solution is the first and only AI-based technology that detects criminal schemes across complex, cross-border transaction paths by extracting SWIFT and KYC data to aggregate a ‘Full Transaction Path’ view.  It is based on a proprietary type of machine learning called ‘artificial intuition’ that can mimic human intuition and gut feelings.

Cecabank provides an important gateway service, connecting other institutions to the international banking system and enabling cross-border payments. Cecabank’s goal with this initiative is to ensure the seamless integrity of funds throughout the entire correspondent banking process, which requires full visibility into the banks they serve and the ability to detect unusual activity and crime risks.

“We were already using traditional rules-based systems, but we wanted to increase our ability to monitor cross-border transactions,” said Alfredo Oñoro, Compliance Head at Cecabank. “When an industry colleague recommended ThetaRay’s AML solution for correspondent banking, we immediately reached out and began discussions.  We are extremely impressed with ThetaRay’s technology and excited to share its capabilities with our bank customers and, if so requested, with our regulators.”

“This announcement serves as notice that ThetaRay’s AML for Correspondent Banking solution is not just for global financial institutions,” said ThetaRay CEO Mark Gazit. “It is also a perfect fit for mid-sized banks aiming to improve their AML controls. Cecabank plays a crucial role in the Spanish market, and we are very pleased that they’ve chosen ThetaRay to help secure their customers’ cross-border transactions.”

“By choosing ThetaRay’s AI-based technology, Cecabank is joining the most innovative financial institutions,” said Shay Dovev, SVP Commercial Affairs, ThetaRay. “They can now better tackle money laundering and terrorism financing risks while expanding their correspondent banking relationships.”