Trade-Based Money Laundering has recently become a focal point of attention for regulators across the globe. This complex, paper-heavy and very manual activity offers many opportunities for money launderers and fraudsters to conduct their operations undetected.
Consortix offers a complete solution, comprises of three essential components:
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Data ingestion:
- structuring the unstructured data from payment providers (e.g. Swift) to extract relevant information from free text fields
- digitizing paper documents through intelligent OCR and Natural Language Processing, using neural networks
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Monitoring:
- Risk rating clients at onboarding, and trades at initiation, and conducting enhanced due diligence for higher risk clients or trades
- Performing event-based checks during the trade lifecycle (ongoing due diligence)
- Monitoring the transactions, based on trade finance red flags
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Post-Monitoring:
- Alert and case management
- Data exploration and Visualisation
- Dashboards for internal and external reporting