/financial crime

News and resources on financial crime, including fraud, scams, Anti Money Laundering and Know Your Customer.

European Commission to make use of Moody’s Analytics to modernise anti-fraud activity

Source: Moody's

Moody’s Analytics today announced it has been awarded a new Framework Contract (FWC) by European Anti-Fraud Office (OLAF), to provide company data, information on connected individuals, and risk indicators encompassed in Moody’s Analytics’ Orbis database.

The evaluation committee scored the Orbis database 87 out of 100 for the quality of its data and risk indicators.

This transformative four-year Framework Contract (FWC), potentially worth up to EUR 34 million, will enable the involved European Union (EU) institutions to make direct use of the Orbis datasets, a Moody’s resource that details legal ownership and associated natural persons for more than 460 million entities worldwide and more than 450 million individuals. The FWC contract is managed by OLAF on behalf of the European Commission and a number of other EU bodies as well. The maximum ceiling is set at EUR 34 million.

The institutions that can now use Orbis as the preferred source include:
• Up to thirty Directorate-Generals of the European Commission (EC)
• The European Public Prosecutor’s Office
• The European Banking Authority
• Europol
• The European Court of Auditors
Fraud, money laundering and financial crime have been increasing in scope and complexity in recent years. Risks posed by financial crime have grown rapidly due to seismic geo-political changes, new technologies and payment methods that circumvent traditional compliance processes, and challenges that arose during the Covid-19 pandemic. Institutions, such as the European Commission, need a comprehensive understanding of private companies to identify and prevent fraud affecting the financial interests of the European Union.

The new framework contract with Moody’s Analytics (MA) will support the mandate of EU institutions in research, policy-making, FDI screening, anti-fraud, law enforcement, and judicial cooperation. Selected institutions will now have the power to access firm-level data and risk indicators encompassed in Moody’s Analytics’ Orbis database.

Keith Berry, General Manager of Know Your Customer Solutions at Moody's Analytics, said,
"We are delighted to announce such an important agreement with a global leader in the fight against fraud. The European Anti-Fraud Office is at the forefront of tackling fraudulent activity against EU taxpayers’ money, whether it take place in EU member states or the world more broadly. Preventing fraud whenever and wherever possible is vital for the continued stability and functioning of our economies and societies.”

Comments: (0)