AML regulations

Australian fintech Novatti Group has plumped for ThetaRay’s anti-money laundering (AML) transaction monitoring solution to protect its global payments services against financial crimes.

Novatti Group, which enables businesses and individuals to make payments both domestically and internationally, is ThetaRay’s first SaaS customer in the Asia-Pacific region.

SONAR, ThetaRay’s AI-powered transaction monitoring solution based on artificial intelligence intuition, will monitor hundreds of thousands of transactions per year for Novatti. The solution boasts the rapid discovery of both known and unknown money laundering threats, with a 95 per cent detection rate and up to 99 per cent reduction in false positives compared to rules-based solutions.

Evangelia Pefkou, group general manager of risk, legal and compliance at Novatti Group, says: “We chose ThetaRay’s SONAR because it is a true AI-based solution that effectively prevents financial crime – including unknown and hidden money laundering – with high detection rates and low false positives.

“This will enable us to file high-quality reports proactively and efficiently to regulators. As we expand our relationships and add new payment services, we need an AML transaction monitoring solution that is efficient and can keep up with the increasing transaction volumes of our growing business.”

Detecting crime

By providing full visibility across complex, cross-border transaction paths, SONAR helps protect users against the risk of being exploited for money laundering, terrorist financing, human trafficking, and narco-trafficking while empowering partners to increase their volume of transfers.

Mark Gazit, CEO of ThetaRay, says: “SONAR detects even the newest and most sophisticated criminal schemes, so Novatti will be able to simultaneously establish new relationships to grow global business, increase revenues and improve customer service.”

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