ThetaRay will authorize the bank for a financial crime detection tool that monitors correspondent banking transactions of UAE Mashreq Bank. The details of the transaction, including its value, are kept confidential.

Developed in Israel, the tool uses artificial intelligence to identify financial cyber threats such as money laundering or fraud, allowing users to take action against suspicious transactions.

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Dubai-based Mashreqbank, which has paid fines for violating US sanctions in the past, told Reuters the solution allows banks to “effectively thwart financial crime risks in the increasingly complex cross-border payment space.”

The United Arab Emirates, the Middle East’s financial and commercial hub, has tightened banking and financial regulations in recent years and has called on banks to step up anti-money laundering efforts – to address its perception as a hot spot for illegal money.

Israel and the United Arab Emirates entered into a relationship in 2020 under a US-brokered agreement extended to Bahrain, Morocco and Sudan.

Source: Reuters