Pelican ships Trade Based Money Laundering (TBML) Detection module
02 May 2017 | 2431 views | 0
Pelican, a global provider of payments and compliance systems for banks and corporates, today launched an advanced Trade Based Money Laundering (TBML) Detection solution.
Incorporating a number of Artificial Intelligence disciplines, the unique Pelican TBML technology provides end-to-end security and compliance along the complete trade transaction cycle.
Criminals are increasingly exploiting money laundering opportunities presented through global trade, with instruments such as Bills of Exchange and Letters of Credit typically containing large amounts of unstructured data that require high levels of manual inspection and intervention to monitor and compare - processes that are highly inefficient, fragmented and error prone.
Utilising AI capabilities, the TBML Detection solution - part of Pelican’s wider PelicanSecure compliance platform - is uniquely able to scrutinise, contextualise, understand and compare structured and unstructured data elements along the trade chain, delivering market-leading TBML detection and prevention capabilities.
Through the incorporation of both natural language processing (NLP) and machine learning (ML) AI disciplines, the Pelican TBML Detection solution can identify irregularities indicative of attempted trade based money laundering. The Pelican solution incorporates data inconsistency analysis, vessel screening, third-party scanning, regulatory reporting, and complete transaction workflow monitoring.
In addition, the Pelican technology provides real-time alerts against commodity pricing manipulation, over- and under-invoicing, dual use goods detection and shipment to high-risk countries.
Parth Desai, founder and CEO of Pelican, commented: “Global trade is increasingly being targeted by fraudsters and money laundering operations. Detecting fraud within complex trade finance processes presents unique challenges for organisations, with tighter regulation increasing the reputational and financial risks of non-compliance. Pelican is uniquely placed to leverage the over two decades of expertise we have in the practical application of AI disciplines to help secure global trade against the growing threats posed by TBML.”
With Pelican TBML Detection, organisations benefit from enhanced levels of financial, reputational and compliance security against money laundering, removing the need for extensive manual intervention along the trade transaction process and significantly reducing false positive rates.
The Pelican TBML Detection solution is available as a stand-alone service, or as a modular part of the overall PelicanSecure suite that includes integrated and advanced fraud, AML and sanctions screening services. All PelicanSecure solutions can be deployed on premise or provided as a secure cloud service.