Pelican, a provider of payments and compliance systems for banks and corporates, has launched what it describes as an advanced trade-based money laundering (TBML) detection solution.

Incorporating a number of artificial intelligence (AI) features, Pelican claims its TBML technology provides end-to-end security and compliance along the complete trade transaction cycle.

Trade finance focusThe solution specifically considers aspects of trade finance, including instruments such as bills of exchange and letters of credit that typically contain large amounts of unstructured data that require manual inspection and intervention to monitor and compare.

These processes can be highly inefficient, fragmented and error prone according to Pelican. The company maintains that by using AI capabilities, its TBML detection solution can scrutinise, contextualise, understand and compare structured and unstructured data elements along the trade chain.

Irregularities and inconsistencies

Pelican claims the solution can identify irregularities indicative of attempted TBML and incorporates data inconsistency analysis, vessel screening, third party scanning, regulatory reporting and complete transaction workflow monitoring.It also features real-time alerts against commodity pricing manipulation, over- and under-invoicing and dual use goods detection.

Categories: Trade Based Financial crimes News