A Singapore based firm has developed software specifically targeted at trade-based financial crime.
The software by AML360 is designed to detect trading patterns that suggest the proceeds of crime are being disguised as legitimate trade payments.
Monitoring power
The software monitors several factors including ship itineraries, the locations of traders in commodities and fluctuations in their prices.
It notices for example if a firm imports expensive materials when a cheaper source of the same substance is readily available.
Discrepancies unearthed
AML360 software also detects if an importer’s spending contradicts market trends, for instance if a buyer’s spending increases when a commodity price decreases.
The software’s sanctions monitoring tool includes individual and business names proscribed by the US, UK, UN and the EU.
Categories: Trade Based Financial crimes News
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