Israel-based ThetaRay plans to roll out AI-driven solutions to help Mashreqbank, Dubai’s third-biggest lender, detect financial fraud during cross-border payment transfers.
Mashreqbank is ThetaRay’s first customer in the UAE, according to a statement. It follows Israel and the UAE normaliSing their relations in 2020.
The UAE has taken several steps in the past to better align with global standards on anti-money laundering and countering terrorist financing.
The central bank in recent months levied penalties on multiple banks for breaching anti-money laundering regulations.
“ThetaRay’s technology “allows banks to effectively thwart financial crime risks in the increasingly complex space of cross-border payments,” Scott Ramsay, group head of compliance at Mashreqbank, said in a statement on Monday.
Mashreqbank in November reached a $100 million deal with US regulators to settle allegations that it violated American sanctions by illegally processing payments.
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