Mauritius Commercial Bank (MCB) has agreed a long-term, multi-year partnership with artificial intelligence- (AI-) focused regtech, Windward, that aims to enhance the bank’s due diligence and monitoring processes linked to its commodity trade finance business.

The bank chose Windward as a supplier when it was looking to boost efficiency in its due diligence and Know Your Vessel processes

TBML focus

Windward describes itself as a predictive intelligence company applying AI to transform global maritime trade, and its solution aims to increase efficiency across MCB’s maritime trade finance practices and strengthen compliance and trade-based money laundering (TBML) screening processes. 

Predictive intelligence provided by Windward is determined by advanced maritime AI technology which is based on 300 behavioural analytics models and over 10 billion data points.

Sanctions compliance

“Windward’s platform was the natural choice when we were looking to boost efficiency of our due diligence and Know Your Vessel processes,” according to head of specialised finance at MCB, Zaahir Sulliman.

He says the bank’s partnership with Windward enables it to more effectively meet regulatory expectations and enhances efforts to improve business operations, reduce risk, and improve compliance across MCB’s commodity finance business.

Windward reckons its solutions address issues raised by both national and international compliance regulators to implement extensive due-diligence processes, especially in light of new sanctions advisories by the Office of Foreign Assets Control (OFAC) in the US and the Office of Financial Sanctions Implementation (OFSI) in the UK.

Categories: Trade Based Financial crimes News

Tags: Artificial intelligence, OFSI, TBML