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FinTech AirPak taps ThetaRay to strengthen AML compliance

By Delisha Fernandes

October 17, 2023

  • AirPak
  • AML
  • Artificial Intelligence

Thetaray, AirPak, Transaction Monitoring, its Anti-Money Laundering, Remittance, financial crime, banking, artificial intelligence, AML, cross-border payments, FinTech news, FinTech USAirPak, a remittance services across Central America, has partnered with ThetaRay, an AI-powered transaction monitoring solutions. The collaboration aims to strengthen AirPak’s Anti-Money Laundering (AML) program, a crucial step towards ensuring trust in global remittances.

With ThetaRay’s AI-powered transaction monitoring solution, SONAR, AirPak will be able to quickly deploy AI in the fight against financial crime leading to more efficient compliance management, better customer service, and more seamless and trusted transactions. 

“We are thrilled to extend our LATAM business and to be working with the team at AirPak,” said Peter Reynolds, ThetaRay CEO. “Enabling Trusted Global Payments while significantly improving efficiency for our banking and fintech customers is key to our vision, and we’re proud to make this possible for AirPak.” 

To bolster its commitment to robust financial oversight and risk mitigation, AirPak has chosen to extend its collaboration with ThetaRay by also implementing the Customer Due Diligence (CDD) module. The CDD module offers advanced features, providing AirPak with enhanced visibility into the various risks associated with customer onboarding and maintenance, ensuring regulatory compliance at every step of the process.

AirPak has represented Western Union exclusively in the region for over 30 years. More recently, it extended its reach to Mexico through a non-exclusive representation, becoming the Western Union Master Agent operating in multiple countries worldwide.

“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,” said Andrea De La Fuente Levet, AirPak’s Legal and Compliance Regional Manager.

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