ABN AMRO picks ThetaRay for AML and CTF solutions

ABN AMRO Bank has picked ThetaRay’s machine learning solution to improve post-transaction monitoring and detect financial crime.

The Northwest European Bank said the solution will improve the effectiveness and efficiency of post-transaction monitoring in controlling money laundering and terrorist financing risks.

With offices in Israel, New York, London and Singapore, ThetaRay uses artificial intelligence & big data analytics to help financial organisations, cybersecurity divisions and critical infrastructure become more resilient and seize opportunities.

Its solution allows financial institutions to detect the earliest signs of financial crime. Based on mathematical algorithms and progressive machine learning, the platform claims to have 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.

Shay Dovev, SVP sales at ThetaRay said: “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.”

ThetaRay for AML claims to detect unknown events, reduce false positives, and increase operational efficiency. For transaction monitoring it provides automatic, precise detection using advanced machine learning technology. For 3rd party alert reduction it focuses on the alerts that matter, with meaningful detection to reduce false positive rates. The solution also provides identify inconsistencies in customer risk scores across all processes and databases.

Earlier this year, ABN AMRO’s Digital Impact Fund (DIF) backed Dutch FinTech Ockto to purchase a minority stake in the business. The FinTech’s mission is to make it easier for consumers and businesses to safely collect and share personal data. It allows consumers to collect data ‘quickly and easily’ when applying for mortgages, taking out insurance or making a financial plan, with the app collecting data from multiple Dutch government sites for taxation, benefits, pensions etc.

Copyright © 2018 RegTech Analyst

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