TradeSun, an artificial intelligence (AI) platform for financial crime prevention and compliance in trade, has launched a real-time offering to detect and intercept financial transactions involving dual-use goods from Russia and Belarus, as well as vessels entering sanctioned areas amid the Russia-Ukraine crisis.

The solution leverages AI and key data to flag and help intercept non-compliant trade transactions.

Dual-use goods

Transactions involving potential dual-use goods items such as specific chemicals and machine tools, and those with links to sanctioned persons and entities related to Russia and Belarus, can now be halted by banking partners using the new offering according to TradeSun.

Additionally, the California-based fintech says the solution monitors vessels to determine if they enter high-risk territories, such as the Black Sea of Azov. Voyages are also being investigated for any instances of suspected dark activity during which a vessel might have engaged in illicit activity.

The offering aims to support banks and corporates dealing with the challenging sanctions environment created by the Russia-Ukraine crisis by reducing risk and enabling them a clearer view of financial crime prevention.

Third-party datasets

The solution leverages comprehensive datasets from leading data providers according to TradeSun, which earlier this year partnered with maritime and trade information, analytics and solutions provider IHS Markit, to offer an integrated trade finance and shipping compliance solution (Trade-based Financial Crime, 28 February 2022).

 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.

Categories: Trade Based Financial crimes News

Tags: Artificial intelligence, data, financial crime prevention, fintech, goods, Trade Based Financial Crime