I&M Group PLC, a leading regional financial services group in Africa, has announced a partnership with ThetaRay, a company that harnesses the power of cognitive AI for financial crime compliance, enabling financial institutions to precisely identify legitimate customers while flagging bad actors.
The partnership will see the deployment of ThetaRay’s advanced anti-money laundering (AML) platform across I&M Group’s operations in Kenya, Tanzania, Rwanda, Uganda and Mauritius.
This implementation spans the entire compliance lifecycle, from onboarding and sanctions screening to dynamic customer risk assessment, transaction monitoring, alerting, investigations and regulatory reporting.
ThetaRay explains that consolidating multiple processes into a single unified system will allow I&M Group to move beyond fragmented and manual compliance operations, to a centralised, AI-powered framework capable of scaling across multiple jurisdictions and business lines.
ThetaRay’s platform will replace siloed legacy systems with a single, holistic compliance architecture. The rollout will cover key use cases including retail and corporate banking, trade finance, investment banking, capital markets, remittance and e-wallet services.
It incorporates ThetaRay’s latest innovations, such as the Generative AI Risk Catalogue, enabling compliance teams with a smarter, faster way to manage evolving regulatory and operational risk. Preconfigured and continuously updated, it enables institutions to deploy relevant, explainable and regulator-aligned risk typologies at scale.
ThetaRay says its software as a service (SaaS) solutions overcome the limitations of traditional rule-based systems by shortening long implementation lifecycles, enabling efficient, risk-aware compliance operations.
By uncovering hidden criminal networks and delivering actionable insights, ThetaRay adds, it empowers organisations to combat evolving threats, maintain positive regulator relationships and enhance customer experiences. ThetaRay is implemented at some of the world’s leading financial institutions.
