Israeli firm to help Dubai’s Mashreqbank detect financial crimes

Israel-based ThetaRay plans to roll out AI-driven solutions to help Mashreqbank, Dubai lender, detect financial fraud during cross-border payment transfers.

Mashreqbank is ThetaRay’s first customer in the UAE, according to a statement. It follows Israel and the UAE normalising their relations in 2020.

The UAE has taken several steps in the past to better align with global standards on anti-money laundering and countering terrorist financing. The central bank in recent months levied penalties on multiple banks for breaching anti-money laundering regulations.

“ThetaRay’s technology allows banks to effectively thwart financial crime risks in the increasingly complex space of cross-border payments,” Scott Ramsay, group head of compliance at Mashreqbank, said in a statement on Monday.