J P Morgan strategic alliance with Cleareye.ai to identify TBML and sanctions red flags

J P Morgan has entered into a global strategic alliance with California-based artificial intelligence (AI) and machine learning (ML) platform Cleareye.ai to digitise trade finance due diligence processing.

The alliance aims to identify trade-based money laundering (TBML) and sanctions red flags and significantly reduce false positives and missed red flags.

Leveraging AI and ML

Cleareye will work with the bank’s trade and working capital group to streamline the onerous due diligence processing associated with trade finance transactions and the multitude of physical documents that are prevalent in the industry today.

The alliance leverages the Californian fintech’s ClearTrade digital solution which over the past year has been integrated into J P Morgan’s trade processing system and is now live supporting transactions in the Asia-Pacific region. A global rollout is planned.

TBML and sanctions

ClearTrade’s digital workbench to process trade finance transaction documents allows for automated extraction of relevant fields from trade finance documents for sanctions screening and TBML checks.

The solution also provides integration with industry leading sanctions screening and TBML products and provide seamless integration into any existing trade finance back-office platforms.

L/Cs, UCP and ISBP

The platform can also digitally interpret data and documents to automate letter of credit (L/C) document examination.

A contextual and configurable rules engine to supplement existing Uniform Customs and Practice for Documentary Credits (UCP) and International Standard Banking Practice (ISBP) rules is also provided for in the solution.

According to global head of J P Morgan’s trade and working capital group, Stuart Roberts, the ClearTrade platform, “helps us to accelerate and future-proof our clients’ business while reinvesting savings into enhancing controls and risk management.”


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