TradeSun’s trade finance compliance platform now integrated with Coriolis’ ESG solution
TradeSun, a trade finance platform that features artificial intelligence technology that augments human behaviour by learning how employees interact with trade finance documents, and Coriolis Technologies, a trade data and analytics provider, have partnered to launch an integrated solution for banks to measure and verify…
NFTs are a new way of TBML says top Dutch financial crime investigator
Non-fungible tokens (NFTs), the financial securities consisting of digital data stored in a blockchain, can be used in trade-based money laundering (TBML) operations according to Niels Obbink, chief and general director of the Fiscal Information and Investigation Service, the Dutch government agency responsible for investigating…
Illicit cryptocurrency transaction activity reaches all-time high in value, all-time low in share of all cryptocurrency activity
Cryptocurrency-based crime hit a new all-time high in 2021, with illicit addresses receiving US$14 billion over the course of the year, up from US$7.8 billion in 2020 according to blockchain analysis firm Chainalysis. Evidence suggests that cryptocurrencies have been and will be used in trade-based…
Pakistan first country in the region to join Tradelens to strengthen TBML controls
Pakistan Customs has become the first authority in the region to sign an agreement with TradeLens, a blockchain-underpinned logistics platform supported by five out of six of the world’s largest ocean carriers to digitise import-export documentation of containerised cargo. Jointly developed by Maersk and IBM, the…
Blockchain and artificial intelligence offer opportunities to curb illicit trade says TBML focused US senator
Sophisticated modern tools such as blockchain and artificial intelligence offer opportunities to see and analyse information and root out illicit trade according to a US senator who for years has been calling for more action to curb trade-based money laundering (TBML). US senator Bill Cassidy,…
GCFFC states its position on beneficial ownership transparency
All actors fighting financial crime should have instant access to high quality, highly usable beneficial ownership data according to the Global Coalition to Fight Financial Crime (GCFFC). In a newly published position paper, GCFFC states its views on beneficial ownership transparency and its objectives to…
UAE launches blockchain platform to curb double-financing and misinvoicing
The UAE has launched a blockchain-based trade finance platform aimed at curbing double-financing and misinvoicing. UAE Trade Direct then intends turning to other key areas of trade finance, such as digitalising bills of lading and e-invoices and, in time, expects to manage letters of credit…
FATF posts video of TBML webinar following landmark publications
The Financial Action Task Force (FATF) has posted a 90 minute video of a webinar it held on 18 March 2021 to discuss the most recent trade-based money laundering trends (TBML) and developments. Underlining what appears to an increasingly sharp focus on TBML by the…
Komgo and Mitech announce collaboration to guard against fraud and facilitate L/C transactions
Commodity trade finance blockchain platform Komgo and specialist trade finance fintech Mitech have announced a collaboration to allow users to create an immutable document to guard against fraud and falsification. The collaboration will also provide users with straight through processing of letters of credit (L/Cs)…
Technology and collaboration needed to counter TBML says chief compliance officer
HSBC Singapore’s chief compliance officer is calling for continued vigilance, the use of technology, and participation in public-private partnerships to mitigate trade-based money laundering (TBML) risks. In an article for Regulation Asia, Jamil Ahmed discusses these mitigating factors and concludes that financial institutions need to…
