ThetaRay has formed a major partnership with I&M Group PLC to deploy artificial intelligence technology across African banking operations. The financial crime compliance company will install its anti-money laundering platform across five countries. I&M Group operates banks across Kenya, Tanzania, Rwanda, Uganda and Mauritius. The technology will replace older systems that require manual work. Banks will gain access to automated tools for detecting suspicious financial activity.
The new platform combines many separate compliance tasks into one central system. I&M Group can monitor customer onboarding and screen for sanctions through the same technology. Transaction monitoring and regulatory reporting will also operate through the...