African financial services group I&M has partnered with ThetaRay to deploy the company’s anti-money laundering (AML) platform across its operations in Kenya, Tanzania, Rwanda, Uganda, and Mauritius.
The implementation “spans the entire compliance lifecycle”, ThetaRay says, covering use cases across retail banking, corporate and investment banking, trade finance, capital markets, remittances, and e-wallet services.
This includes new capabilities for onboarding, sanctions screening, customer risk assessment, transaction monitoring, alerts, investigating, and regulatory reporting.
The platform also supports ThetaRay’s pre-configured Generative AI Risk Catalogue, which the vendor says “enables institutions to deploy relevant, explainable and regulator-aligned risk typologies at scale”.
Zipporah Gitau, group chief risk and compliance officer at I&M Group, comments: “By transforming how we detect, assess, and report financial crime, we are building a dynamic compliance foundation that not only meets today’s regulatory demands but powers our growth across the region.”
I&M Group joins a growing list of companies utilising ThetaRay’s tech, including New York-headquartered private and commercial bank IDB Bank, which partnered ThetaRay for its AI-powered Transaction Monitoring solution earlier this year.
Source: https://www.fintechfutures.com/
