Madrid-based corporate and trade finance bank Aresbank has selected SymphonyAI’s financial crime compliance technology to strengthen transaction monitoring across its trade finance and correspondent banking operations.
The bank will deploy SymphonyAI’s transaction monitoring platform on a software-as-a-service (SaaS) basis, replacing controls that are only partially automated and require significant manual intervention.
Once implemented, the platform will monitor correspondent banking flows worth billions of euros each month, alongside Aresbank’s trade finance transactions.
For Aresbank, this involves combining detection rules from SymphonyAI’s retail and correspondent banking models within a single platform and adapting them to the bank’s role in facilitating trade between Europe and North Africa. The deal also expands SymphonyAI’s presence in the Iberian market.
SymphonyAI provides AI-based software for financial crime detection, risk management and compliance across financial services. Its compliance technology is used across retail, commercial and correspondent banking.
Aresbank provides financial services connecting European markets with the Middle East and North Africa (MENA), with activity spanning correspondent banking, documentary credits, international guarantees and multi-currency credit lines.
The bank said the new platform will provide greater consistency and transparency across its financial crime compliance operations, while helping it respond to changing regulatory requirements as its trade finance and correspondent banking activity grows.
It also expects the technology to reduce the time spent on manual reviews and speed up the processing of trade finance transactions. The platform is designed to allow Aresbank to accommodate new rules and transaction types without having to rebuild its compliance systems.
Trade finance presents distinct anti-money laundering (AML) challenges compared with retail banking, requiring firms to assess documentation, counterparties and jurisdictions associated with instruments such as guarantees and letters of credit.
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