I&M Bank, a financial services group in Africa, has partnered with ThetaRay, a provider of cognitive AI-powered financial crime compliance solutions.
The collaboration aims to modernise and centralise anti-money laundering (AML) systems across I&M’s operations in Kenya, Tanzania, Rwanda, Uganda, and Mauritius.
The partnership was established to enhance I&M Group’s regulatory resilience and operational efficiency as the East African banking sector undergoes increasing scrutiny and digital transformation. With rising expectations from central banks for intelligence-led compliance and real-time reporting, the initiative aims to place I&M at the forefront of regional financial crime governance.
I&M Group offers a broad range of financial services including retail and corporate banking, trade finance, capital markets, investment banking, and digital wallets. Headquartered in Kenya, the group has steadily expanded its footprint across East Africa. ThetaRay, headquartered globally, provides advanced AI-driven solutions to detect and prevent financial crime, offering tools such as real-time transaction monitoring, sanctions screening, and regulatory reporting.
The deployment of ThetaRay’s AML platform will span the full compliance lifecycle—from customer onboarding and sanctions checks to transaction monitoring, alert investigations, and reporting. The solution is designed to unify previously fragmented systems into a single AI-powered architecture capable of scaling across various jurisdictions and business lines. It includes ThetaRay’s newest innovations such as the Generative AI Risk Catalog, which allows compliance teams to manage risk typologies efficiently and in line with regulatory expectations.
This rollout will replace legacy, siloed systems with a modern framework that supports not only current compliance needs but also future growth. The implementation will cover key services, from traditional banking to more advanced services like trade finance and remittance.
I&M Bank chief operating officer Jamie Loden said, “ThetaRay distinguishes itself as a genuine AI-driven solution, setting a new standard for managing financial crime risk. Its sophisticated technology brings together disparate compliance tasks into one streamlined system, empowering our teams to achieve greater accuracy and respond rapidly to AML threats.”
I&M Group chief risk and compliance officer Zipporah Gitau said, “As East Africa’s regulatory landscape rapidly evolves, with central banks emphasizing intelligence-led oversight and digital reporting, this collaboration with ThetaRay positions I&M at the forefront of proactive risk governance. By transforming how we detect, assess, and report financial crime, we are building a dynamic compliance foundation that not only meets today’s regulatory demands but powers our growth across the region.”
ThetaRay CEO Peter Reynolds said, “This proactive move by I&M Group reflects a strong commitment to operational excellence and regulatory agility. By adopting ThetaRay’s full-stack platform, I&M Group is setting a new benchmark in East Africa, proving that AI-first compliance can be both a shield against financial crime and a catalyst for growth. This is a model for how forward-thinking banks can stay resilient and build trust in the face of emerging risks.”
Earlier this month, ThetaRay and Spayce formed a strategic partnership aimed at bolstering global payment security.
The partnership arrives as financial crime grows more complex, with illicit actors increasingly mirroring the scale and agility of multinational corporations. Legacy, rules-based anti-money laundering (AML) systems are proving insufficient to tackle these sophisticated threats. ThetaRay and Spayce have teamed up to address this critical gap with next-generation, AI-driven compliance tools.
ThetaRay’s Cognitive AI Transaction Monitoring technology will be embedded into Spayce’s global payments infrastructure. This integration will enable the continuous, real-time analysis of vast transaction volumes, improving the detection of hidden threats and complex financial crime patterns. The system promises enhanced accuracy and faster insights, helping Spayce scale operations without compromising regulatory compliance or customer experience.
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