(3minutes read)
· The Predictive Intelligence Company –Windward- which applies AI to transform global maritime trade, and Mauritius Commercial Bank Ltd announced a long-term, multi-year partnership to enhance MCB’s due diligence and monitoring processes linked to its commodity trade finance business
· Its powerful AI-based dynamic risk solution provides financial institutions with a state-of-the-art platform to effectively streamline the risk management
· Its Predictive Intelligence is powered by advanced maritime AI technology which is based on 300 behavioral analytics models and over 10 billion data points
The Predictive Intelligence Company –Windward- which applies AI to transform global maritime trade, and Mauritius Commercial Bank Ltd announced a long-term, multi-year partnership to enhance MCB’s due diligence and monitoring processes linked to its commodity trade finance business. Windward’s AI-powered solution will increase efficiency across MCB’s maritime trade finance practices and strengthen compliance. It will also address the trade-based money laundering screening processes to help countries to arrest the illegal trade and clandestine foreign exchange flows.
Financial institutions have to comply with national and international compliance regulators benchmarks. Due-diligence processes, especially in light of new sanctions advisories by the Office of Foreign Assets Control (OFAC), is critically important in the US and the Office of Financial Sanctions Implementation (OFSI) in the UK. Financial institutions are now turning to AI systems to bolster effectiveness, streamline lengthy processes, and gain insights into deceptive practices used to facilitate financial crimes.
Windward announced a partnership with Danske Bank in November 2020. Its powerful AI-based dynamic risk solution provides financial institutions with a state-of-the-art platform to effectively streamline the risk management. Its Predictive Intelligence is powered by advanced maritime AI technology which is based on 300 behavioral analytics models and over 10 billion data points.
