Simplify AML/CFT Compliance & Combat Trade-based Money Laundering in Trade Finance
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Trade-based money laundering is one of the most complex forms of money laundering, exploiting the complexities of international trade to remain undetected. Siron®One's comprehensive anti-financial crime platform provides financial institutions with AI-driven automation, continuous screening and monitoring, and predictive analytics to efficiently detect and combat TBML.
Challenges
Easily Detect Complex Money Laundering Schemes & Reduce the Risks of TBML
Siron®One seamlessly integrates perpetual KYC, real-time AML tracking, sanctions and name filtering, link analysis and document management to provide an automated and efficient solution to TBML, reducing risks while improving customer experience.
Automate Onboarding & Build a 360-Degree Risk Profile of Your Business Partners
Comprehensive onboarding, risk-based due diligence and third-party KYB for trade finance are overlong, intricate, and resource-intensive processes that also require screening all stakeholders against public and private PEP, sanctions and watchlists and determining economic networks and complex company structures.
Decrease Costly Manual Processes & Automate Document Management
Limited visibility of third-party documents, lack of transparency in trade processes, manual errors, and extensive paperwork increase TBML risks. Hence, TBML due diligence involves lengthy processes like KYB and onboarding, screening all parties against sanctions lists, checking goods against dual-use lists, and verifying all labels and data.
Navigate Cross-Border Trade Regulations & Keep Up with Evolving TBML Scams
The emergence of new TBML risks and the lack of standardization in trade regulations and document requirements across industries, channels, and jurisdictions make trade compliance arduous. Compliance officers must determine the source of funds, beneficial ownerships, past transaction data, and vessel tracking information. In addition, they have to keep up with changes in information throughout the relationship, making the entire process incredibly strenuous.
Speed Up Trade Checks & Mitigate TBML Risks
Manual trade checks and an entangled trade finance ecosystem are the winning formula for trade-based money laundering. Moreover, compliance officers must detect anomalous patterns and report suspicious activities along with ongoing AML measures.
Efficient TBML Risk Management and Investigations
The vast volume of data and complexity of trade make investigating and mitigating TBML risks challenging. The process also includes accounting for future ‘what-if’ scenarios and establishing relevant business rules that mitigate future risks, creating a thorough audit trail of all transactions for efficient investigations, and sending regulatory reports in due time.
Our Solution
Prevent Trade Based Money Laundering with an End-to-End AI-Powered Compliance Platform
Siron®One mitigates TBML risks across the trade finance ecosystem by automating third-party due diligence, document management, vessel tracking, and AML transaction monitoring. Using AI, machine learning, and Robotic Process Automation, it dynamically assesses risk profiles, detects anomalies, uncovers ultimate beneficial ownership, and identifies new financial crimes. This comprehensive approach streamlines workflows, reduces manual interventions and costs, and ensures quick, informed decision-making through centralized alert and case management.
Automation, AI & Advanced Analytics for Efficient Third-Party Due Diligence
Siron®One automates third-party onboarding, name screening, dual-goods lists, sanctions lists and PEP screening. It triggers risk-based continuous due diligence and ongoing KYB to reassess risk profiles dynamically. Siron®One also continuously monitors changes in contracts and payments to minimize manual efforts.
Streamlined Data & Document Management to Automate TBML Workflows
Siron®One’s Document Management and optical character recognition (OCR) dynamically capture relevant data from all trade finance documents, from KYC to invoices, verify and categorize them in folders, and indicate inconsistencies or missing information for a 360-degree Customer View, greater accuracy, and better context.
Continuous AML Transaction Monitoring
Siron®One’s AI and machine learning monitor and analyze all transaction data in near real-time to detect suspicious patterns and anomalies. It generates alerts, prioritizing by risk score, to enable quick action and transaction blocking.
Ultimate Beneficial Ownership and Network Analytics
Siron®One uses ML-based advanced link analysis and Intelligent Name Screening to understand complex business structures, discover hidden relationships, detect ultimate beneficial owners, and visually represent them in Smart View in Case Manager for quick access.
Predictive Learning to Detect New Patterns
Through constant monitoring, analyzing, and reporting pre- and post-trade data, Siron®One’s ML and predictive analytics learn to quickly detect new patterns and anomalies to identify emerging TBML scams. Siron®One also uses post-trade data to run various AML scenarios for transaction monitoring to generate even more accurate alerts in the long term.
Alert & Case Management
Siron®One’s Alert and Case Management centralizes all trade data, customer and transaction history, and alerts based on priority for easy access, contextual understanding, and quick decision making.
Our Insights
