AirPak Partners with ThetaRay to Enhance AML Compliance

Published 8 months ago
  ThetaRay

AirPak, a leading remittance service provider in Central America, has joined forces with ThetaRay, an innovator in AI-based transaction monitoring solutions. The partnership aims to bolster AirPak’s Anti-Money Laundering (AML) program, a critical move in building trust in global remittances.

Strengthening Trust in Global Remittances

AirPak has been the exclusive representative of Western Union in Central America for over three decades. In recent years, the company broadened its reach to Mexico through non-exclusive representation, becoming the Western Union Master Agent operating in multiple countries worldwide.

Through ThetaRay’s SONAR, an AI-powered transaction monitoring solution, AirPak plans to expedite the fight against financial crime. This move is expected to improve compliance management, boost customer service, and facilitate more seamless and trusted transactions.

A Milestone in AirPak’s Journey

AirPak’s Legal and Compliance Regional Manager, Andrea De La Fuente Levet, acknowledged the significance of the partnership with ThetaRay. She noted that this collaboration could revolutionize AirPak’s operations, expedite growth, reduce false positives, enhance detection capabilities, and speed up investigation procedures.

Enhancing Financial Oversight and Risk Mitigation

In its commitment to robust financial oversight and risk mitigation, AirPak will also implement ThetaRay’s Customer Due Diligence (CDD) module. The CDD module offers advanced features, providing enhanced visibility into the risks associated with customer onboarding and maintenance, ensuring regulatory compliance at every step of the process.

ThetaRay CEO, Peter Reynolds, expressed excitement about working with AirPak and extending their business in Latin America. He emphasized the importance of enabling trusted global payments while significantly improving efficiency for their banking and fintech customers. This partnership marks a significant stride for both companies in their respective journeys.

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