TradeSun, a trade finance platform that features artificial intelligence (AI) technology that augments human behaviour by learning how employees interact with trade finance documents, has partnered with maritime and trade information, analytics and solutions provider IHS Markit, to offer an integrated trade solution that enhances financial crime due diligence and digital compliance processes.
The combined solution features TradeSun’s AI-powered trade compliance platform with IHS Markit’s extensive financial crime datasets to offer real-time compliance checks, including for vessel tracking and behavioural analytics, container compliance and bill of lading verification, dual use goods and product value screening.
TBML application
TradeSun’s AI-powered platform offers real-time compliance checks, including for trade-based money laundering (TBML), fraud and sanctions, with comprehensive audit trails, reporting and analytics.
IHS Markit meanwhile has a 300-year history within the maritime and trade sector, managing content sets across the shipping, port, cargo, and trading sectors. Its proprietary datasets go beyond watch-list screening to provide organisations with the ability to identify corporate networks, suspicious vessel activity, export-controlled goods and unit prices.
The integration of IHS Markit’s maritime and trade datasets into TradeSun’s platform aims to provide customers with big data and artificial intelligence to reduce time-consuming false positives, optimise and digitise business operations, and manage risk in a more timely and efficient manner.
Uncovering trade-based financial crime
TradeSun maintains that technology is playing a substantial role revealing the extent of trade-based financial crime.
“With technology uncovering that trade-based financial crime is far bigger than most people had imagined, it has never been more crucial for banks and institutions to deploy real-time intelligent compliance solutions for their trade processing,” says TradeSun’s CEO, Nigel Hook.
Categories: Trade Based Financial crimes News
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