Mashreq will use a transaction monitoring tool for correspondent banking developed by Israeli cyber security firm ThetaRay to detect financial crimes. Mashreq, which in the past has paid millions of dollars to the U.S. over sanctions violations. The United Arab Emirates, the region’s trading capital, has tightened banking and financial regulations in recent years to tackle a perception that it is a hot spot for illicit money; urging banks to increase anti-money laundering-efforts. ThetaRay, which uses artificial intelligence to identify financial cyber threats such as money laundering or banking fraud, said Mashreq was its first Emirati customer. The UAE and Israel established ties in 2020. Mashreq last year agreed to pay $100 million in penalties to resolve a U.S. government probe into violations of sanctions against doing business with Sudan.
One of the UAE’s best performing banks for over five decades, Mashreq is a leading financial institution with an expanding footprint across the Middle East with a strong presence in the financial capitals of the world with international offices in Europe, Asia, Africa and the US.