ThetaRay is AML way for ABN Amro
ABN Amro has partnered with ThetaRay in a five-year, bank-wide project to improve the Dutch bank’s anti-money laundering (AML) and counter-terrorist financing (CTF) capabilities, reports David Penn at Finovate.
ThetaRay uses machine learning and mathematical algorithms to detect financial crime. The company will help the bank focus on making its post-transaction monitoring more effective and efficient.
ThetaRay’s platform enables financial institutions to build customised solutions to identify anomalies in data sets in real time regardless of source.
The product has more than 15 years of academic research, and ThetaRay’s approach to fraud detection is data agnostic and rules-free, using “the wisdom of the algorithm crowd” to deliver a cybersecurity solution.
Founded in 2013, ThetaRay was especially busy in the first half of this year, partnering with Singapore bank OCBC in March.
ThetaRay is headquartered in Israel and maintains offices in New York, London, and Singapore. The company has raised more than $30 million in funding, and includes Poalim Capital Markets (PCM), Jerusalem Venture Partners (JVP), and General Electric among its investors. Mark Gazit is CEO.