Banco Santander has signed an agreement to employ ThetaRay’s Anti-Money Laundering (AML) solution 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 started in the fourth quarter last year and will be globally implemented over the next months.
Through the partnership, Santander will utilise a version of ThetaRay’s Investigation Center uniquely designed for correspondent banking. The platform will provide Santander full access to its data lineage, enabling full investigative forensics, as well as tracing how and why the algorithms came to a certain decision.
“ThetaRay’s solution will further improve our ability to detect the earliest signs of money laundering and uncover unknown originating risks,” said Carlos Gutierrez, vice president for global transaction banking at Santander.
Aside from this application in correspondent banking, Santander has strengthened the partnership with ThetaRay via a broader agreement that will help business units across the group accelerate the adoption of this technology in AML and fraud prevention fields.
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