Dutch bank ABN AMRO is going with ThetaRay’s machine learning technology for post-transaction monitoring in controlling money laundering and terrorist financing risks.
Implementation will be bank-wide for a period of five years, according to a company statement.
ThetaRay is an artificial intelligence and big data analytics company that helps financial services clients manage risk, detect money laundering schemes, uncover fraud and expose bad loans, among other activities based on data analysis.
The firm’s tech is based on mathematical algorithms that have been developed for over a decade by mathematicians, as well as progressive machine learning with the ability to detect financial crime patterns before they take place. It has low false positive rates, according to the company.
This means that financial institutions can detect the earliest signs of financial crime.
Shay Dovev, SVP Sales at ThetaRay said in a statement: “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.”