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Tudi uses ThetaRay artificial intelligence (AI)-powered AML platform SONAR to monitor all domestic transactions made through its Mexican financial mobile app. The government has stepped up its efforts against illegal and fraudulent transactions in the wake of the transformation of digital payments.
The app addresses the rise of digital payments in Mexico by providing cashless services such as bill payments, money transfers, top-up and entertainment services. Above all.
the current, world bank record Only 37% of the country’s 126.7 million population are account holders, and 32% send or receive digital payments. For the South America region, these figures are well below those of neighboring countries with similar levels of development.
moreover, Reutersthe low penetration of fintech services in Mexico is due to the country’s strong cash priority.
However, while Tudi must acknowledge the difficulty of its position, the app also supports the Mexican government’s efforts to make the entire digital payments ecosystem safer, even though cash is king. recognizing.
The country’s 2021 reform, “Ley para Regular las Instituciones de Tecnologa Financiera” (LRITF), colloquially known as the “fintech law”, largely outlines its efforts. It demonstrates industry best practice countermeasures, including appropriate AML countermeasures.
More broadly, this approach by the Mexican government appears to be working, with the number of Mexican fintech companies increasing from 441 in 2021 to an estimated 650 last year.
However, Tudi is currently working with Israeli fintech software company ThetaRay to comply with these measures because AML is in the law.
Through this agreement, Tudi will adopt the AML capabilities of its software as a service (SaaS) platform that facilitates its ability to detect known and unknown criminal patterns within transaction monitoring, such as drug trafficking, terrorist financing, and human trafficking. I’m here.
This feature will help financial apps comply with the requirements set by Mexican regulators for non-bank payment providers to operate AML systems that actively prevent money laundering.
Why did the company choose ThetaRay’s SONAR solution? Andres Adame GuajardoTudi’s vice president of product expressed a desire to “stay one step ahead of the development of AML scenarios” [in Mexico] It challenges and jeopardizes our business. “
The unique form of AI on which the solution is based can replace human biases, recognize anomalies, and flag anomalous financial behavior.
The fintech industry has become increasingly involved with SONAR’s AML capabilities after ThetaRay released its software version last October. european market.
