ThetaRay, a provider of AI-based Big Data analytics, has signed an agreement under which Banco Santander will employ ThetaRay's anti-money laundering (AML) solution for correspondent banking.
Through the partnership, Santander will utilise a version of ThetaRay's Investigation Center designed for correspondent banking. The system will analyse SWIFT traffic, risk indicators, and Know Your Customer (KYC) data to detect anomalies indicating money laundering schemes in correspondent banking transactions. The rollout of the solution started in Q4 2019 and will be globally implemented over the next months.
The platform will provide Santander full access to their data lineage, enabling them to perform full investigative forensics, as well as trace how and why the algorithms came to a certain decision.
Banco Santander is a retail and commercial bank, founded in 1857 and headquartered in Spain. It is present in 10 core markets in Europe and the Americas.
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