By providing full visibility across complex, cross-border transaction paths, the SaaS solution helps banks, financial institutions, and businesses to increase their volume of transfers without the risk of being exploited for money laundering, terrorist financing, human trafficking, and narco-trafficking, as the press release says. This announcement follows on the heels of ThetaRay’s recent USD 31 million funding round.
SONAR is designed to instil certainty and eliminate risks in cross-border payments, and to protect banks, fintech companies and private companies that conduct payment transfers. Using machine learning algorithms, SONAR protects users against attempts to abuse their money transfer platforms for sophisticated money laundering schemes.
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