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- AirPak, a remittance services provider within Central America, has collaborated with ThetaRay, an Israel-based AI-powered transaction monitoring solution.
- The collaboration is aimed at strengthening AirPak's anti-money laundering program.
AirPak, a remittance services provider within Central America, has collaborated with ThetaRay, an Israel-based AI-powered transaction monitoring solution. Through a press release, AirPak noted that the collaboration is aimed at strengthening its anti-money laundering (AML) program.
AirPak - ThetaRay partnership
AirPak has represented Western Union across Central America for over three decades. More recently, it extended its reach to Mexico through a non-exclusive representation. Subsequently, the remittance services provider has become Western Union’s Master Agent. With that, it offers its services to various countries worldwide.
Through the aforementioned collaboration, AirPak is looking to leverage ThetaRay’s AI-powered transaction monitoring solution -SONAR - do deal eith financial crime. In addition to enhanced customer service, it will aid in heightened compliance and reliable transactions.
AirPak’s Legal and Compliance Regional Manager, Andrea De La Fuente Levet has noted, “AirPak’s decision to implement ThetaRay marks a significant milestone in its journey toward excellence. This strategic move is set to revolutionize the way AirPak operates, enabling it to expedite growth, reduce false positives, enhance detection capabilities, and expedite investigation procedures.”
AirPak has also implemented ThetaRay’s Customer Due Diligence (CDD) module. This is in line with the firm’s commitment to efficient risk mitigation and financial oversight. The CDD module will help AirPak better understand the risks related to customer onboarding and maintenance. This in turn will ensure adherence to regulation at every phase of the process.
Through its AI-powered transaction monitoring solution, ThetaRay enables its clients to identify money laundering and other financial crimes. Earlier in the year, it entered into partnership with TangoPay and Gemba Finance in addition to other entities. Besides, in September, it secured $57 million for use in improving its services and expanding internationally.
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