- What is the current state of trade based financial crime globally?
- How confident and mature are financial institutions in detecting and mitigating trade based financial crime?
- How best can one summarise the risks associated with trade based financial crime?
- What are the current techniques being used to detect criminals? Why is manually sifting through extensive transaction data no longer tenable?
- Is there need for a new solution to address these risks? What is that solution?
- How can technologies such as machine learning, artificial intelligence and generative AI remedy issues with traditional trade based financial crime detection and prevention methods?
- What are the benefits of bringing trade based financial crime workflows onto a single platform?
With the upcoming release of the Finextra Research and Eastnets survey on ‘The State of Global Trade Based Financial Crime’, it is evident that this form of financial crime continues to be growing in scale, global in nature, and yet, heavily underrepresented. The Finextra and Eastnets survey will reveal the current state of trade based financial crime, as well as provide never before seen quantitative and qualitative insights into how financial institutions currently detect and mitigate fraud and unveil their future implementation plans.
Today, manually going through transaction data is no longer an option (even using legacy automated systems). Current trade based financial crime techniques such as over- and under-invoicing, multiple invoicing, false descriptions, transport into or out high risk countries and phantom shipment, are no longer tenable because in some cases, criminals are operating more tech-savvy functions than trade finance departments. While fraudsters innovate, banks have no choice but to ensure they have a holistic view of all risks and leverage technology.
There is no time like the present to leverage artificial intelligence and its various subsets, namely machine learning and generative AI. With these technologies, trade finance departments can place all workflows on to a single platform that can run watchlist screening, trade-based money laundering risk indicators monitoring, and marine vessel tracking. Risk managers using AI to monitor trade flows can help mitigate trade based financial crime.
Sign up for this Finextra webinar, hosted in association with Eastnets, to join our panel of industry experts who will discuss the current state of trade based financial crime globally.