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Business Wire
2 days ago
- Business
- Business Wire
84% of Consumers Would Switch Banks Over Financial Crime Links, ThetaRay Report Finds
NEW YORK--(BUSINESS WIRE)-- ThetaRay, a global leader in Cognitive AI financial crime compliance, today released its U.S. Banking & Fintech Trust Report 2025, offering new insights into consumer attitudes toward anti-money laundering (AML) practices. The report reveals that 84% of consumers would switch banks if linked to financial crime, and 87% would actively warn family and friends against using that institution. "Today, the strength of your financial crime defenses is part of your brand. Institutions that lead with intelligent, AI-driven compliance are earning customer trust and ensuring confident growth," said Peter Reynolds, CEO at ThetaRay. Share Brand reputation is one of a financial institution's most valuable and vulnerable assets, built over years through trust, consistency, and significant investment. Encouragingly, 93% of respondents express either positive or neutral sentiments toward their current financial providers, suggesting a strong foundation of customer trust. But that trust is fragile: a single incident of financial crime can shatter a reputation overnight, triggering customer attrition, regulatory penalties, and years of costly recovery. Nearly three in four respondents said they would consider switching banks if AML controls — like payment delays or intrusive checks — disrupted their experience. Even more, 84% would leave a provider linked to financial crime. These numbers highlight the reputational stakes at play and the urgent need to strike the right balance between effective compliance and frictionless service. Legacy, rule-based AML systems, aren't up to the task. According to Datos Insights, they generate false positives at rates as high as 90–95%, overwhelming teams and frustrating legitimate customers. Reducing this noise, and the risk it creates, requires a new generation of AI-powered solutions that deliver sharper detection without compromising customer experience. "Financial institutions can't afford to choose between customer experience and compliance; both are non-negotiable," said Peter Reynolds, CEO at ThetaRay. "Today, the strength of your financial crime defenses is part of your brand. Institutions that lead with intelligent, AI-driven compliance aren't just mitigating risk. They're earning customer trust, enabling faster transactions, and ensuring confident growth." The ThetaRay U.S. Banking & Fintech Trust Report 2025 offers a data-driven snapshot of today's financial trust landscape and how leading institutions are using AI to strengthen compliance without compromising experience. Based on insights from over 750 active financial services users across traditional banks (75%), fintech platforms (10%), or both (15%), the report highlights the urgent need for smarter, more adaptive financial crime defenses in an increasingly high-stakes environment. Download the full report here. About ThetaRay ThetaRay harnesses the power of Cognitive AI for financial crime compliance, enabling financial institutions to precisely identify legitimate customers while flagging bad actors. The SaaS solutions overcome the limitations of traditional rule-based systems by shortening long implementation lifecycles, enabling efficient, risk-aware compliance operations. By transforming compliance from a regulatory obligation into a driver of growth, ThetaRay allows institutions to scale faster and expand confidently into new markets. By uncovering hidden criminal networks and delivering actionable insights, ThetaRay empowers organizations to combat evolving threats, maintain positive regulator relationships, and enhance customer experiences. Implemented at some of the world's leading financial institutions, including Santander, Clear Bank, Mashreq Bank, Payoneer, Onafriq, and Travelex, ThetaRay helps financial institutions thrive, fostering trust and confidence across the global financial ecosystem.
CTV News
01-08-2025
- Politics
- CTV News
Family fears for elderly UK couple held by Taliban
The family of elderly British couple Peter and Barbie Reynolds, detained for six months without charge in Afghanistan, fears the worst as their health declines. 'I don't know if they're still alive,' said their son, Jonathan Reynolds, who has not spoken to his parents since their last phone call on June 15. 'How would I know if they were no longer alive? Who's going to call me? The Taliban's never called me. Who's going to call? I don't know,' asked Reynolds, one of the couple's four children. Peter Reynolds, 80, and his 76-year-old wife were arrested in February along with Chinese-American friend, Faye Hall, who was released in March, and an Afghan translator. The couple were married in Kabul in 1970, and have spent almost two decades living in Afghanistan running educational programs after moving there. They also became official Afghan citizens. Taliban officials have refused to detail why the couple was arrested in February as they were returning to their home in central Bamiyan province. 'They were told by the judge that they were not guilty of any crimes,' said their son. 'So many times we've been told two to three days and then you'll be released ... But it's six months on Saturday,' he added. The couple were first held in a maximum security facility, 'then in underground cells, without daylight, before being transferred' to the intelligence services in Kabul, according to UN experts. In late July, the independent UN human rights experts called for the Taliban to free the pair warning of the 'rapid deterioration' of their physical and mental health, stating that they 'risk irreparable harm or even death'. UN experts shared a voice message from the couple with their son, but he has not been reassured. 'You have to remember their age,' Reynolds, 45, told AFP during a video call from his home in Chicago. 'Are they in danger? Yeah, they're an elderly couple who are unjustly held ... in captivity. They are not free,' he said. 'Their bodies are not used to being put through this, they're being trapped, they're sleeping on a little mattress on the floor,' he said. 'Weak and fragile' The couple's children have set up a website called Free Peter and Barbie to campaign for their release, which counts down the number of days they have been held. Since being detained, Peter Reynolds has suffered two eye infections and intermittent tremors in his head and left arm, according to the UN experts. 'My dad has had heart attacks ... he has a stent in his heart. He has had skin cancer,' Jonathan Reynolds said. 'So he needs an ECG (electrocardiogram), blood test, EEG (electroencephalogram), CT scans. He needs all of that,' he added. His mother suffers from malnourishment and anemia after months of being 'fed once a day in prison,' her son added. She is 'weak and fragile,' the experts said. The Taliban government's top diplomat Foreign Minister Amir Khan Muttaqi said the couple had been receiving medical care. 'Their human rights are being respected,' he told a press conference in Kabul. 'They are being provided with medical care. They are in occasional contact with their families.' 'Their case isn't anything serious,' the Taliban interior ministry said in April, adding they hoped it would be 'resolved soon'. The couple run an organization in Afghanistan called Rebuild, which provides educational programs for women and children. 'My parents have never thought about their security and safety,' Reynolds said, it was 'no way to treat an elderly couple who've given the last two decades of their life for the good of Afghanistan'. When the Taliban returned to power in 2021, the couple remained in Afghanistan against the advice of the British embassy. Their son recalled the embassy asking them: 'Why are you staying? You're on your own.' His parents had replied: 'How could we leave these people in their darkest hour? We came here because we love these people, and that's what we'll give the rest of our lives to, even if it means we die.'
Al Arabiya
01-08-2025
- Politics
- Al Arabiya
Family fears for elderly UK couple detained by Taliban
The family of elderly British couple Peter and Barbie Reynolds, detained for six months without charge in Afghanistan, fears the worst as their health declines. 'I don't know if they're still alive,' said their son, Jonathan Reynolds, who has not spoken to his parents since their last phone call on June 15. 'How would I know if they were no longer alive? Who's going to call me? The Taliban's never called me. Who's going to call? I don't know,' asked Reynolds, one of the couple's four children. Peter Reynolds, 80, and his 76-year-old wife were arrested in February along with Chinese-American friend, Faye Hall, who was released in March, and an Afghan translator. The couple were married in Kabul in 1970, and have spent almost two decades living in Afghanistan running educational programs after moving there. They also became official Afghan citizens. Taliban officials have refused to detail why the couple was arrested in February as they were returning to their home in central Bamiyan province. 'They were told by the judge that they were not guilty of any crimes,' said their son. 'So many times we've been told two to three days and then you'll be released ... But it's six months on Saturday,' he added. The couple were first held in a maximum security facility, 'then in underground cells, without daylight, before being transferred' to the intelligence services in Kabul, according to UN experts. In late July, the independent UN human rights experts called for the Taliban to free the pair warning of the 'rapid deterioration' of their physical and mental health, stating that they 'risk irreparable harm or even death.' UN experts shared a voice message from the couple with their son, but he has not been reassured. 'You have to remember their age,' Reynolds, 45, told AFP during a video call from his home in Chicago. 'Are they in danger? Yeah, they're an elderly couple who are unjustly held ... in captivity. They are not free,' he said. 'Their bodies are not used to being put through this, they're being trapped, they're sleeping on a little mattress on the floor,' he said. 'Weak, fragile' The couple's children have set up a website called Free Peter and Barbie to campaign for their release, which counts down the number of days they have been held. Since being detained, Peter Reynolds has suffered two eye infections and intermittent tremors in his head and left arm, according to the UN experts. 'My dad has had heart attacks ... he has a stent in his heart. He has had skin cancer,' Jonathan Reynolds said. 'So he needs an ECG (electrocardiogram), blood test, EEG (electroencephalogram), CT scans. He needs all of that,' he added. His mother suffers from malnourishment and anemia after months of being 'fed once a day in prison,' her son added. She is 'weak and fragile,' the experts said. The Taliban government's top diplomat Foreign Minister Amir Khan Muttaqi said the couple had been receiving medical care. 'Their human rights are being respected,' he told a press conference in Kabul. 'They are being provided with medical care. They are in occasional contact with their families.' 'Their case isn't anything serious,' the Taliban interior ministry said in April, adding they hoped it would be 'resolved soon.' The couple run an organization in Afghanistan called Rebuild, which provides educational programs for women and children. 'My parents have never thought about their security and safety,' Reynolds said, it was 'no way to treat an elderly couple who've given the last two decades of their life for the good of Afghanistan.' When the Taliban returned to power in 2021, the couple remained in Afghanistan against the advice of the British embassy. Their son recalled the embassy asking them: ''Why are you staying? You're on your own'' His parents had replied: ''How could we leave these people in their darkest hour? We came here because we love these people, and that's what we'll give the rest of our lives to, even if it means we die.''
Arab News
01-08-2025
- Politics
- Arab News
Family fears for elderly UK couple held by Taliban
LONDON: The family of elderly British couple Peter and Barbie Reynolds, detained for six months without charge in Afghanistan, fears the worst as their health declines. 'I don't know if they're still alive,' said their son, Jonathan Reynolds, who has not spoken to his parents since their last phone call on June 15. 'How would I know if they were no longer alive? Who's going to call me? The Taliban's never called me. Who's going to call? I don't know,' asked Reynolds, one of the couple's four children. Peter Reynolds, 80, and his 76-year-old wife were arrested in February along with Chinese-American friend, Faye Hall, who was released in March, and an Afghan translator. The couple were married in Kabul in 1970, and have spent almost two decades living in Afghanistan running educational programs after moving there. They also became official Afghan citizens. Taliban officials have refused to detail why the couple was arrested in February as they were returning to their home in central Bamiyan province. 'They were told by the judge that they were not guilty of any crimes,' said their son. 'So many times we've been told two to three days and then you'll be released ... But it's six months on Saturday,' he added. The couple were first held in a maximum security facility, 'then in underground cells, without daylight, before being transferred' to the intelligence services in Kabul, according to UN experts. In late July, the independent UN human rights experts called for the Taliban to free the pair warning of the 'rapid deterioration' of their physical and mental health, stating that they 'risk irreparable harm or even death.' UN experts shared a voice message from the couple with their son, but he has not been reassured. 'You have to remember their age,' Reynolds, 45, told AFP during a video call from his home in Chicago. 'Are they in danger? Yeah, they're an elderly couple who are unjustly held ... in captivity. They are not free,' he said. 'Their bodies are not used to being put through this, they're being trapped, they're sleeping on a little mattress on the floor,' he said. The couple's children have set up a website called Free Peter and Barbie to campaign for their release, which counts down the number of days they have been held. Since being detained, Peter Reynolds has suffered two eye infections and intermittent tremors in his head and left arm, according to the UN experts. 'My dad has had heart attacks ... he has a stent in his heart. He has had skin cancer,' Jonathan Reynolds said. 'So he needs an ECG (electrocardiogram), blood test, EEG (electroencephalogram), CT scans. He needs all of that,' he added. His mother suffers from malnourishment and anaemia after months of being 'fed once a day in prison,' her son added. She is 'weak and fragile,' the experts said. The Taliban government's top diplomat Foreign Minister Amir Khan Muttaqi said the couple had been receiving medical care. 'Their human rights are being respected,' he told a press conference in Kabul. 'They are being provided with medical care. They are in occasional contact with their families.' 'Their case isn't anything serious,' the Taliban interior ministry said in April, adding they hoped it would be 'resolved soon.' The couple run an organization in Afghanistan called Rebuild, which provides educational programs for women and children. 'My parents have never thought about their security and safety,' Reynolds said, it was 'no way to treat an elderly couple who've given the last two decades of their life for the good of Afghanistan.' When the Taliban returned to power in 2021, the couple remained in Afghanistan against the advice of the British embassy. Their son recalled the embassy asking them: ''Why are you staying? You're on your own'.' His parents had replied: ''How could we leave these people in their darkest hour? We came here because we love these people, and that's what we'll give the rest of our lives to, even if it means we die'.'
International Business Times
28-07-2025
- Business
- International Business Times
ThetaRay Launches Self-Service Compliance Tools Amid Rising Financial Crime Pressures in Asia-Pacific
AI firm's no-code platform offers banks in the region faster, safer AML rule deployment without developer reliance As financial institutions across Asia-Pacific face mounting pressure to strengthen anti-money laundering (AML) operations, financial crime compliance technology firm ThetaRay has launched two new tools aimed at transforming how banks detect and respond to suspicious activity. Unveiled last week, ThetaRay's new Self-Service Rule Builder and Simulator are designed to give compliance teams direct control over the creation, testing, and deployment of AML rules, without the need for coding or IT involvement. The platform offers a significant shift in how financial institutions manage regulatory risk, accelerating decision-making and reducing operational bottlenecks. The launch comes as regulators across the region, including in Singapore, push for more agile and tech-driven compliance frameworks. ThetaRay has a strong presence in Asia-Pacific, having opened its Singapore office in 2016. In 2017, the company completed a successful trial with OCBC Bank, which reported a 35% reduction in unnecessary alerts and a fourfold improvement in detection accuracy. "We designed the Rule Builder and Simulator as truly self-service tools," said Nitzan Solomon, Senior Vice President of Product at ThetaRay. "Compliance teams can now manage and adapt their risk strategies independently, with full visibility and auditability, empowering them to respond faster to evolving threats without sacrificing governance." The Self-Service Rule Builder allows users to define complex rule logic through an intuitive point-and-click interface, supporting custom expressions and aggregations tailored to each institution's risk posture. The Simulator enables compliance officers to test those rules in a secure environment using historical data, ensuring accuracy and safety before live deployment. Different versions of rules can be compared side-by-side, allowing institutions to optimise their detection strategies without disrupting production systems. "This launch represents a fundamental shift in how compliance teams operate," said Peter Reynolds, CEO of ThetaRay. "With self-sufficient tools, we put control in our customers' hands, removing operational friction and accelerating their speed and flexibility to adapt to new risks and grow with confidence." The platform is part of ThetaRay's broader effort to modernise financial crime prevention through cognitive AI. Its systems are already in use at leading global institutions, including Santander, ClearBank, Payoneer, Mashreq Bank, Onafriq and Travelex. In Asia-Pacific, where digital payments and cross-border transactions continue to grow in volume and complexity, the ability to customise and deploy AML rules quickly is becoming increasingly critical. ThetaRay's tools give banks the flexibility to keep pace with evolving threats, without sacrificing oversight or regulatory compliance. As financial crime grows more sophisticated, and regulators demand faster, more effective responses, ThetaRay is positioning itself as a key player in the next generation of compliance infrastructure.
