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 unified platform. Jamie Loden from I&M Bank says the artificial intelligence solution sets new standards for managing financial crime risks. The technology helps teams achieve better accuracy when responding to money laundering threats.
I&M Group plans to use the system across different banking services. The platform will cover retail banking, corporate banking and trade finance operations. Investment banking, capital markets and remittance services will also connect to the system. Electronic wallet services will benefit from the new compliance technology. Zipporah Gitau from I&M Group explains that East African regulators are demanding more intelligent oversight and digital reporting.
ThetaRay has developed features like the Generative AI Risk Catalog for the banking industry. Peter Reynolds leads ThetaRay as chief executive and believes the partnership creates a model for other African banks. The company says forward-thinking banks can use artificial intelligence to stay resilient against emerging financial risks.
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 unified platform. Jamie Loden from I&M Bank says the artificial intelligence solution sets new standards for managing financial crime risks. The technology helps teams achieve better accuracy when responding to money laundering threats.
I&M Group plans to use the system across different banking services. The platform will cover retail banking, corporate banking and trade finance operations. Investment banking, capital markets and remittance services will also connect to the system. Electronic wallet services will benefit from the new compliance technology. Zipporah Gitau from I&M Group explains that East African regulators are demanding more intelligent oversight and digital reporting.
ThetaRay has developed features like the Generative AI Risk Catalog for the banking industry. Peter Reynolds leads ThetaRay as chief executive and believes the partnership creates a model for other African banks. The company says forward-thinking banks can use artificial intelligence to stay resilient against emerging financial risks.
