NOW Money Implements ThetaRay's AML Solution

UAE-based mobile banking solution NOW Money has partnered with ThetaRay to implement its cloud-based anti-money laundering (AML) solution for transaction monitoring.

The announcement marks ThetaRay's AI SaaS solution expansion within the GCC fintech community, with the company set to offer its AI-powered transaction monitoring technology to NOW Money to monitor cross-border payments and offer support in financial crime prevention and anti-money laundering on the payments platform. 

ThetaRay's anti-money laundering solution, SONAR, has combined transaction monitoring and sanctions list screening and was selected by NOW Money as the company looks to prevent financial crime by unveiling both known and unknown money-laundering crimes, in addition to preventing attempts to violate sanctions in real time. 

(Source: The Paypers)