ThetaRay Provides Banco Santander with an Anti-Money Laundering (AML) Solution for Correspondent Banking

NEW YORK, NY, June 3, 2020 – ThetaRay, a leading provider of AI-based Big Data analytics, has signed an agreement under which Banco Santander will employ ThetaRay’s anti-money laundering (AML) solution for correspondent banking. The system will analyze SWIFT traffic, risk indicators and Know Your Customer (KYC) data to detect anomalies indicating money laundering schemes in correspondent banking transactions. The rollout of the solution started in Q4 2019 and will be globally implemented over the next months.

Through the partnership, Santander will utilize a version of ThetaRay’s Investigation Center uniquely designed for correspondent banking. The platform will provide Santander full access to their data lineage, enabling them to perform full investigative forensics, as well as trace how and why the algorithms came to a certain decision. 

“ThetaRay’s solution will further improve our ability to detect the earliest signs of money laundering and uncover unknown originating risks,” said Carlos Gutierrez, Global VP Global Transaction Banking CIB, Santander.

“We are satisfied to work with Thetaray. By working hand in hand with them, we were able to customize their solution for our specific use and we agreed on a roadmap with new functionalities that will come and enrich the project,” said Luis Pinedo, Global VP FCC Controls & Transformation, Santander.

ThetaRay’s disruptive and rules-free solution uses machine learning algorithms to identify anomalies in SWIFT and KYC data that point to money laundering. This enables the rapid discovery of schemes and allows for early remediation.

“We are proud that a financial institution as universally respected as Santander Bank has chosen our AML solution for correspondent banking. Recent progress with Partnerships Unit makes me feel Santander is the best financial platform to partner with,” said ThetaRay CEO Mark Gazit.

Aside from this application in Correspondent Banking, “Santander unit Strategic Digital Partnership has strengthened the partnership with ThetaRay via a broader agreement that will help business units across the group accelerating the adoption of this disruptive technology in anti-money laundering and fraud prevention fields,” said Mario Aransay, Head of Santander InnoVentures Partnerships.

About Banco Santander: 

Banco Santander (SAN SM, STD US, BNC LN) is a leading retail and commercial bank, founded in 1857 and headquartered in Spain. It has a meaningful presence in 10 core markets in Europe and the Americas, and is one of the largest banks in the world by market capitalization. Its purpose is to help people and businesses prosper in a simple, personal and fair way. Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising over €120 billion in green financing between 2019 and 2025, as well as financially empowering more than 10 million people over the same period. At the end of the first quarter of 2020, Banco Santander had a trillion euros in total funds, 146 million customers, of which 21.3 million are loyal and 38.3 million are digital, 11,900 branches and 195,000 employees. Banco Santander made underlying profit of €1,977 million in the first quarter of 2020, an increase of 1% compared to the same period of last year.

About ThetaRay:

ThetaRay is dedicated to helping clients at large financial organizations, cyber security divisions and critical infrastructure become more resilient and seize opportunities. Its advanced analytical solutions operate with unprecedented speed, accuracy and scale, enabling clients to manage risk, detect money laundering schemes, uncover fraud, expose bad loans, uncover operational issues and reveal valuable new growth opportunities. To learn more about ThetaRay, visit