ThetaRay, a leader in AI-powered financial crime detection technology, has announced the acquisition of Screena, a next-generation screening company based in Europe. This strategic move reflects ThetaRay’s commitment to advancing its proprietary technology and its mission to help banks, fintechs, and regulators effectively identify and combat financial crime using state-of-the-art AI solutions. Screena specializes in screening individuals and companies against various lists of sanctioned parties, enabling financial institutions to comply with international laws while protecting legitimate transactions.
With operations in over 40 countries, ThetaRay aims to transition from a provider of AI-powered transaction monitoring solutions to a comprehensive cloud-based financial crime detection platform. The integration of Screena’s advanced AI-driven screening capabilities into ThetaRay’s product suite will provide clients with a holistic view of transactional and customer screening risks, enhancing their ability to detect issues such as money laundering and terrorist financing. This acquisition is part of ThetaRay’s broader strategy to solidify its presence in the European market.
Peter Reynolds, CEO of ThetaRay, emphasized the significance of the acquisition in furthering the company’s mission to combat financial crime globally. He highlighted the recent launch of their Customer Risk Assessment product and the widespread adoption of their Transaction Monitoring offering as indicators of market need and ThetaRay’s ability to deliver pioneering solutions. The acquisition is expected to bolster ThetaRay’s already robust capabilities in financial crime detection.
Cédric Iggiotti, CEO of Screena, noted that the integration with ThetaRay has transformed their operational potential by combining screening with other critical financial crime detection tools. This partnership not only addresses stringent regulatory requirements but also enhances their overall crime detection capabilities, as demonstrated by recent successes with major financial institutions. Looking ahead, both companies are excited about the prospects of creating a more trustworthy financial ecosystem through their collaboration.
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