- In August 2024, Israeli fintech firm ThetaRay acquired Belgian startup Screena, integrating its AI-powered AML screening solution into ThetaRay’s cloud-based financial crime detection platform. Screena’s technology enhances customer and transaction screening, enabling financial institutions to detect threats such as money laundering, terrorist financing, and gambling-related illegal activities with greater precision. The acquisition marks ThetaRay’s strategic shift toward a comprehensive, end-to-end compliance suite, combining Transaction Monitoring, Customer Risk Assessment, and Sanctions Screening. With over 100 financial institutions across 40+ countries, ThetaRay continues to expand its global footprint and bolster its fight against financial crime
- In February 2023, the Executive Office of Anti-Money Laundering and Counter-Terrorism Financing (EO AML/CTF) of the United Arab Emirates signed a Memorandum of Understanding (MoU) with Egypt’s Money Laundering and Terrorist Financing Combating Unit (EMLCU) to strengthen bilateral cooperation in combating money laundering, terrorist financing, and proliferation financing. The MoU formalizes the exchange of expertise, risk typologies, and best practices, and promotes joint efforts in training, legislative development, and inter-agency coordination. This partnership reflects a growing regional commitment to unified financial crime prevention and aligns with UNODC and FATF standards for cross-border collaboration
- In February 2023, Saudi telecom provider Mobily expanded its Mobily Pay services through a strategic partnership with Ericsson, deploying the Ericsson Wallet Platform to deliver secure, personalized mobile financial services. Users gained access to features such as contactless payments, money transfers, international remittances, digital card payments, bill payments, and mobile top-ups. This rollout supports Saudi Vision 2030 by advancing digital transformation and reducing reliance on cash. While not AML-specific, the expansion of mobile payment ecosystems such as Mobily Pay underscores the need for robust AML frameworks to mitigate risks associated with digital financial transactions
- In January 2023, the Central Bank of the United Arab Emirates (CBUAE) issued updated AML/CFT guidelines for licensed financial institutions (LFIs), including banks, finance companies, exchange houses, and insurance providers. The guidance emphasizes the use of digital ID systems to enhance customer due diligence (CDD), identity proofing, and authentication. LFIs must implement technology best practices, robust governance, and risk mitigation protocols to detect suspicious activity—especially involving sanctioned or high-risk jurisdictions. The guidelines align with FATF standards and require LFIs to demonstrate full compliance, including when relying on third-party onboarding services
- In January 2023, First Abu Dhabi Bank (FAB), in collaboration with Magnati and PayRow Net, launched a digital payment platform aimed at transforming consumer payment experiences across Dubai’s Ports, Customs, and Free Zone Corporation (PCFC). The platform streamlines revenue collection, enables multi-channel payments (POS, cards, e-wallets), and supports co-branded prepaid cards for secure transactions. This initiative aligns with Dubai’s smart city vision and its shift toward a cashless economy. As digital ecosystems expand, such platforms underscore the need for integrated AML
