UK-based financial crime platform Themis has announced the expansion of its financial crime risk management cloud service hosted in Saudi Arabia. As per the information detailed in the press release, the strategic move solidifies Themis’ commitment to providing financial crime prevention solutions to support Saudi Arabia’s evolving financial and regulatory landscape.

The service is tailored to meet the demands of the region and focuses on ensuring that customers’ data remains held and processed within Saudi Arabia. By incorporating technology, security measures, and compliance features, Themis’ service aims to improve how organisations manage their financial crime prevention infrastructure. Themis’ service capabilities and development strategy According to Themis’ officials, the initiative to expand the company’s financial crime platform to Saudi Arabia supports its commitment to offering the region tools and infrastructure to combat financial crime effectively in line with the Kingdom’s Vision 2030.

The introduction of the data centre in Saudi Arabia reflects Themis’ objective to enable businesses globally with solutions that can enhance their ability to detect, prevent, and reduce the global impacts of financial crime. Some of the Themis’ service features include: AI-based financial crime prevention technology that provides clients with tools to safeguard their operations; Security protocols for all industries, with the service employing enhanced security measures, including surveillance and systems that ensure the integrity of data; Infrastructure that adheres to industry standards and regulations, protecting institutions from the risk of compliance breaches; Low-latency connectivity through the service’s strategic location that allows firms to access critical data and applications with increased efficiency. Recently, there has been an expanded drive to mitigate financial crime within Saudi Arabia, with the country making anti-financial crime efforts and launching additional solutions and services as part of the progression towards its Vision 2030 to diversify the economy. Furthermore, the digital transformation currently taking place provides new opportunities for coordination across the public and private sectors to eliminate financial crime.

The expansion of Themis into Saudi Arabia solidifies the company’s position and allows its to offer the tools required to minimise financial crime. Themis’ recent announcements To support its development strategy, Themis raised GBP 3.1 million in a Pre-Series A funding round and reached a valuation of GBP 15.4 million in January 2023. At that time, the company intended to leverage the funds to enhance and further develop its automated due diligence platform, Themis Search and Monitoring, which was introduced in 2020.

Themis’ product enabled users to screen their clients, suppliers, and investors against sanctions watchlists, PEPs, litigation, adverse media, criminal convictions, and corporate registries. .