- What is the current state of trade-based financial crime worldwide?
- How secure and sophisticated are financial institutions in detecting and mitigating trade-related financial crimes?
- How best to summarize the risks associated with trade-based financial crime?
- What techniques are currently used to detect criminals? Why is manual review of extensive transaction data no longer tenable?
- Is there a need for a new solution to address these risks? What is this solution?
- How can technologies such as machine learning, artificial intelligence and generative AI address problems with traditional trade-based financial crime detection and prevention methods?
- What are the benefits of bringing trade-based financial crime workflows together on 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 clear that this form of financial crime continues to grow in scale, is global in nature, and yet is grossly underrepresented. The Finextra and Eastnets survey will reveal the current state of trade-based financial crime, providing unprecedented quantitative and qualitative insights into the way financial institutions currently detect and mitigate fraud, and present their future implementation plans.
Today, manually reviewing transaction data is no longer an option (even with legacy automated systems). Current trade-based financial crime techniques such as over- and under-invoicing, multiple invoicing, false descriptions, transportation to or from high-risk countries, and sham shipments are no longer tenable as criminals in some cases perform more technically sophisticated functions than trade finance departments. As fraudsters innovate, banks have no choice but to ensure they have a holistic view of all risks and leverage technology.
There is no better time than now to leverage artificial intelligence and its various subsets, namely machine learning and generative AI. With these technologies, trade finance departments can bring all workflows together on a single platform that enables watch list monitoring, trade-based money laundering risk indicator monitoring, and maritime vessel tracking. Risk managers using AI to monitor trade flows can help curb trade-based financial crimes.
Register for this Finextra webinar hosted in collaboration with Eastnetsto join our panel of industry experts who will discuss the current state of trade-based financial crime worldwide.