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Travelex Bank chooses ThetaRay SONAR AI-powered solution for transaction monitoring

By Edlyn Cardoza

November 15, 2022

  • AML
  • Brazil
  • Forex
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Travelex Bank, Forex, Money Transfer, ThetaRay, SONAR Anti-money Laundering, AML, KYC, International Transaction Monitoring, Remittances, International Money Transfer, BrazilTravelex Bank, Brazil’s largest foreign exchange specialist, is preparing for a growth spurt across its money transfer business following the implementation of ThetaRay’s SONAR anti-money laundering (AML) SaaS solution for domestic and international transaction monitoring and real-time sanctions screening. The Bank is one of the world’s leading specialist providers of foreign exchange, offering a range of international money transfer products, including import/export, remittances, and mass payments.

In a highly regulated country like Brazil, money laundering is a serious concern for money-transfer companies. Travelex Bank in Brazil chose the ThetaRay SONAR AI-powered solution for transaction monitoring and sanctions list screening to monitor and detect known and unknown financial crime threats, including human trafficking and animal trafficking.

“Reputation in anti-money laundering is everything. A good monitoring and screening transactions solution is vital. We must do it better every year, every month, and every day. Because the world changes every day,” said Célia Pizzi, Chief Compliance Officer of Travelex Bank in Brazil. According to Pizzi, with new AML tech from ThetaRay, Travelex can now transact 30,000 clients per minute. “As a result, using ThetaRay, we can now grow our business by 30 to 40%,” Pizzi concluded.

Travelex is the world’s largest exchange business specialist, with a presence in more than 20 countries. In Brazil, the group consists of the brokerage Travelex Confidence and Travelex Bank, the first exclusive bank for foreign exchange transactions regulated by the Banco Central do Brasil (Bacen). Among the operations carried out by the bank, there are international remittances, imports, exports, crypto exchange transactions, registration services, banknotes, and mass payments, among many others.

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