Thomson Reuters has launched a new anti-money laundering solution to combat trade based money laundering (TBML) across the trade finance lifecycle.
The solution specifically looks to meet the increased demands for TBML compliance from regulators in Singapore and Hong Kong, the first countries in Asia to issue specific regulations related to trade finance.
Risk management
TRAC – an acronym for for Trade Finance, Regulations, Audit and Control – aims to help manage risk at different stages and between the several parties in trade finance transactions.
It also aims specifically to satisfy the Monetary Authority of Singapore and Hong Kong Monetary Authority’s recently developed guidelines on combating TBML.
Screening functions
The solution incorporates Thomson Reuters World-Check, which identifies high risk individuals and entities by name from various news and other information sources. It also includes Eikon for price validation and shipment tracking as well as OneSource for dual use goods screening.
It performs screening of vessels and third parties (buyer, seller and shipper), tracks shipments and provides regulatory reporting and monitors transactions.
Categories: Trade Based Financial crimes News
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