GCC fintech Now Money taps ThetaRay for AML Sonar solution
Dubai-based financial inclusion fintech Now Money has tapped ThetaRay for its cloud-based anti-money laundering (AML) solution to monitor cross border payments across Gulf Cooperation Council (GCC) countries.
Now Money taps ThetaRay for AML Sonar solution
Now Money provides mobile banking services to the financially underserved, including local and international mobile top-up, use of contactless Visa card for online and card transactions and cross-border money transfers at low exchange rates.
ThetaRay’s Sonar solution combines AML controls with transaction monitoring and sanctions list screening to detect money laundering and sanctions violations in real time.
Now Money CEO Noel Connolly says: “There is a huge opportunity in the Gulf to provide mobile banking services and financial education to millions of people who are unbanked or underserved.
“ThetaRay’s AI technology using advanced machine learning will enable Now Money to process unlimited volumes of transactions, expand business into high-risk areas, and gain trust of financial partners and regulators worldwide.”
ThetaRay CEO Mark Gazit says: “A Gulf fintech choosing AI technology from ThetaRay marks another milestone in the Abraham Accords. We look forward to accelerating collaboration with additional financial institutions in the region.”
The Abraham Records were signed in September 2020 to normalise relations between Israel and the UAE, Bahrain, Sudan, and Morocco.
While international money transfers are key to bringing money into low-income countries and unbanked communities, these countries can represent a high proportion of high-risk jurisdictions and remittances can a potential conduit for financial crime for illicit funds.
