ThetaRay Provides Banco Santander With an Anti-Money Laundering (AML) Solution

ThetaRay, a leading provider of AI-based Big Data analytics, has signed an agreement under which Banco Santander will employ ThetaRay’s anti-money laundering (AML) solution for correspondent banking. The system will analyze SWIFT traffic, risk indicators and Know Your Customer (KYC) data to detect anomalies indicating money laundering schemes in correspondent banking transactions. The rollout of the solution started in Q4 2019 and will be globally implemented over the next months.

Through the partnership, Santander will utilize a version of ThetaRay’s Investigation Center uniquely designed for correspondent banking. The platform will provide Santander full access to their data lineage, enabling them to perform full investigative forensics, as well as trace how and why the algorithms came to a certain decision.

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“ThetaRay’s solution will further improve our ability to detect the earliest signs of money laundering and uncover unknown originating risks,” said Carlos Gutierrez, Global VP Global Transaction Banking CIB, Santander.

“We are satisfied to work with Thetaray. By working hand in hand with them, we were able to customize their solution for our specific use and we agreed on a roadmap with new functionalities that will come and enrich the project,” said Luis Pinedo, Global VP FCC Controls & Transformation, Santander.

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ThetaRay’s disruptive and rules-free solution uses machine learning algorithms to identify anomalies in SWIFT and KYC data that point to money laundering. This enables the rapid discovery of schemes and allows for early remediation.

“We are proud that a financial institution as universally respected as Santander Bank has chosen our AML solution for correspondent banking. Recent progress with Partnerships Unit makes me feel Santander is the best financial platform to partner with,” said ThetaRay CEO Mark Gazit.

Aside from this application in Correspondent Banking, “Santander unit Strategic Digital Partnership has strengthened the partnership with ThetaRay via a broader agreement that will help business units across the group accelerating the adoption of this disruptive technology in anti-money laundering and fraud prevention fields,” said Mario Aransay, Head of Santander InnoVentures Partnerships.

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