Israel-based ThetaRay will deploy an AI-driven solution to help Dubai lender Mashreqbank detect financial fraud during the transfer of cross-border payments.
According to the statement, Mashreq Bank is Thetaray’s first customer in the United Arab Emirates. This was after Israel and the United Arab Emirates normalized relations in 2020.
In the past, the United Arab Emirates has taken several steps to improve consistency with global standards for preventing money laundering and combating terrorist financing. Central banks have imposed penalties on several banks in recent months for violating money laundering prevention rules.
“Thetaray’s technology can effectively thwart financial crime risks in the increasingly complex areas of cross-border payments,” said Scott Ramsey, head of compliance group at Mashreq Bank, in a statement Monday. Said.
https://gulfbusiness.com/israeli-firm-to-help-dubais-mashreqbank-detect-financial-crimes/ Israeli company helping Mashreq Bank of Dubai detect financial crimes