S&P Global Market Intelligence has published a case study describing how it provided a solution for an Asian-based Asian Financial Crime Compliance (FCC) team tasked with screening trade transactions for signs of trade-based money laundering (TBML) and identifying any direct or indirect exposure to sanctioned commodities, companies, or countries.
The client is described as a large bank and part of a US group that already uses S&P’s Panjiva Supply Chain Intelligence for surveillance of trade data, which provides global import and export transaction details, with information on buyers and sellers, product descriptions and values.
The FCC team wanted a solution that provided detailed regional import and export data that was searchable by product name and importer/exporter on bills of landing.
The client also wanted trade finance customers’ company profiles with details of their activities, an alert system to flag up when new shipments of specific products had been made and automatic reports providing details on actual shipments to and from different destinations.
The aim was to find a solution that would eliminate the time consuming need for the team to search websites and call port authorities to obtain relevant information.
The case study describes the application of the Panjiva solution, which provides global import and export transaction details, with information on buyers and sellers, product descriptions and values.
This web-based platform would enable the FCC team to assess detailed import and export data, search for specific products, trade routes and companies.
It would also provide alerts for new shipments and generate detailed reports on export and import shipments for buyers and suppliers, each including shipment date, shipper and destination.
Avoiding bank fines
The case study says the FCC team felt it would benefit from many elements of the Panjiva offering to help minimise risks, protect the reputation of the bank and avoid possible fines.
In particular the team said it valued the solution’s ability to save time and reduce errors through automation and quickly screen transactions to look at importers and exporters by country and company.
S&P Market Intelligence’s case study, Minimising Risk at a Bank with a Trade Intelligence Platform, can be found here.
Categories: Trade Based Financial crimes News