Veteran information, analytics and solutions provider to the maritime and trade sector, IHS Markit has announced a partnership with and Complidata, which offers a data driven anti-money laundering (AML) trade finance platform.

The partnership will offer customers in trade finance a series of risk and compliance datasets that aim to enhance financial crime due diligence frameworks and assist in the digitisation of the overall trade compliance workflow according to IHS Markit.

Proprietary TBML datasets

IHS Markit, which has a 300-year history within the maritime and trade sector, says the in-depth and broad scope of unique datasets it manages go beyond simple watch-list screening to provide organisations with the ability to identify corporate networks, suspicious vessel activity, export-controlled goods and unit prices.

The company’s trade-based money laundering (TBML) datasets, including thousands of dual-use goods that do not appear on catch-all control lists and the capture of over- and under-invoicing price discrepancies, will be available to Complidata customers, as will IHS Markit’s maritime movement and compliance datasets.

Regulatory pressures

The partnership comes at a time when advisories, guidelines and regulation across trade are on the rise, requiring practitioners to understand all aspects of a transaction and to identify its risk according to IHS Markit.

It says the integration of its maritime and trade datasets into the Complidata trade finance platform will provide customers with big data and artificial intelligence solutions to reduce time-consuming false positives, optimise and digitise business operations and manage risk in a more timely and efficient manner.

Categories: Trade Based Financial crimes News

Tags: AML, Financial crime, TBML, trade-based money laundering