ThetaRay AI Tech Enables Financial Institutions and Regulators to Identify Illicit Attempts to Circumvent Economic Sanctions

ThetaRay, provider of AI-powered financial transaction monitoring technology to protect banks and fintechs against financial crimes, announced that its system can identify sophisticated attempts to circumvent economic and trade sanctions and help governments and financial institutions maintain smooth and uninterrupted correspondent banking activities.

Following last week’s Ukraine invasion, the US, UK, and other Western democracies imposed severe economic and trade sanctions on Russia, requiring financial institutions to be equipped with tools to enforce the measures without interrupting the business activities of innocent people. ThetaRay’s monitoring and screening solution empowers financial institutions and governments to identify both manual and cyber-automated attempts to violate these sanctions.

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ThetaRay’s solution monitors global cross-border payments by analyzing SWIFT traffic, risk indicators and client data to detect suspicious activities across complex, cross-border transaction paths — including the use of shell people and companies. It also screens transactions for financial activity by individuals who have been placed on sanctions lists.

“ThetaRay’s technology enables unhindered flow of global payments by organizations and peoples while preventing money transfers by sanctioned totalitarian regimes and criminals,” said Erel Margalit, founder and chairman of JVP and chairman of ThetaRay’s board of directors. “Instead of blocking entire countries and economies, it can block only illegitimate sources. This system can fortify SWIFT because it can safeguard transfer of funds to legitimate people. The ThetaRay system is the answer for NATO countries and the West to enforce sanctions on Russia.”

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The ThetaRay SaaS solution for transaction monitoring and screening can be quickly and easily integrated, with minimal adaptation required.

“In today’s reality, the ThetaRay solution is something every bank and financial institution needs in order to ensure full participation in the global payment and monetary system,” said Mark Gazit, CEO of ThetaRay. “By deploying intuitive AI, the ThetaRay system can tackle sophisticated money laundering schemes, terror financing and enforcement of global regulatory sanctions without harming ongoing financial activities.”

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