UAE bank Mashreq to use Israeli financial crime detection tool


DUBAI, Feb 14 (Reuters) – Emirati bank Mashreq (MASB.DU) will use a transaction monitoring tool for correspondent banking developed by Israeli cybersecurity firm ThetaRay to detect financial crimes, the companies said on Monday.

The value of the deal was not disclosed.

Mashreq, which in the past has paid millions of dollars to the United States for sanctions violations, said ThetaRay’s technology enables banks to “effectively counter financial crime risks in the increasingly complex space of cross-border payments”.

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The United Arab Emirates, the commercial capital of the region, has tightened banking and financial regulations in recent years to combat the perception that it is a hotspot for illicit money; urging banks to step up their anti-money laundering efforts.

ThetaRay, which uses artificial intelligence to identify financial cyber threats such as money laundering or bank fraud, said Mashreq was its first Emirati client. The United Arab Emirates and Israel established ties in 2020.

Last year, the Mashreq agreed to pay $100 million in fines to resolve a US government investigation into sanctions violations against trade with Sudan.

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Written by Alexander Cornwell; Editing by Shailesh Kuber

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