There is increasing pressure on banks and financial institutions to manage and monitor the latest global trade-based sanctions. As these sanctions grow in terms of complexity and difficulty, banks and financial institutions need to be aware of the latest updates and best practice from the United States Bureau of Industry and Security (BIS), the Monetary Authority of Singapore (MAS), the Hong Kong Association of Bankers (HKAB) and the UK’s Financial Conduct Authority (FCA). The advanced Pelican Trade Compliance solution addresses the growing challenge of Trade Based Money Laundering - securing global trade, managing risks and protecting your reputation. The Challenge Trade finance departments need to achieve the highest level of compliance whilst maintaining the appropriate degree of operational efficiency. Procedures to screen for trade-based sanctions have relied on manual processes using watch-lists together with filter and noise word policies. Managing suspicious trading with these techniques is limited in terms of accuracy. Furthermore, they require large teams of operators to keep them up to date and manage the high rate of false positive results.Pelican’s aim is to remove the pain from the process and provide a solution that resolves the current screening limitations available in many of today’s trade compliance applications.
The Solution Pelican provides an AI-powered complete end-to-end trade transaction cycle monitoring solution, leveraging the AI discipline of Natural Language Processing (NLP) to derive meaning and understanding across all trade instruments and messages.
Highest Levels of Protection
For over twenty years, Pelican have pioneered the practical application of AI in payments and financial crime compliance. These unique capabilities are leveraged to extract and contextualise relevant free format data in multiple trade finance documents and instruments.
The comprehensive Pelican Trade Compliance solution delivers the highest possible level of security and protection, with a multi-layered approach to address all compliance challenges for trade finance activity. By harnessing our unique AI heritage, Pelican increases your trade red-flag detection levels, provides end-to-end trade transaction compliance, increases efficiencies and lowers your operating costs.
Trade Compliance Detection Features
Documentary Information Consistency Checks - understanding multiple documents in a single trade cycle to identify incomplete, missing, inconsistent or ambiguous information.
Enhanced Sanctions Screening of Trade Documents - Utilising NLP to identify trade-based information that is potentially subject to sanctions embargoes such as Dual-Use Goods, matching this against any required watchlist.
Trade Based ‘Red’ Flag Indicator Checks - Red flag indicator checks as defined by MAS, HKMA, Wolfsberg Group etc. High-risk jurisdictions and products, vessels, over/under invoicing.
Advanced AI Protection
Uses NLP to extract and understand relevant trade finance data such as dual-use goods
Ability to understand free format information in
multiple trade documents and instruments
Performs consistency checks on key information across multiple trade documents such as Bills of Lading, Airway Bills, Invoices in different formats
Scans all trade instruments
in the trade transaction cycle, including Bills of Exchange, Letter of Credit, SWIFT MT7xx
Detection of Red Flag indicators as specified by OFAC, FATF, Wolfsburg, FIU-IND, MAS, HKMA
Full TBML Compliance Checks, including shipment to high-risk countries, dual-use goods, over/under-invoicing, high-risk items, commodity pricing anomalies, document comparisons
TBML Detection Solution benefits
Effective Risk Management & Regulatory Compliance - with existing and future regulations to avoid reputational and financial risk
Dramatic Cost Reductions - compared to traditional Trade Compliance and TBML detection processes
Minimize false positives -industry leading near-zero FPR
Fast deployment of Trade Compliance solution - works with your existing systems for speedy implementation
Reduce operating costs and enterprise risk by using a single AI based platform for TBML, Sanctions Screening, Real time AML, and Payments Fraud
Engage in new business sectors and geographies
with the confidence of being compliant
Find Out More
PelicanSecure Brochures & Datasheets
Please use the Download button below to access the full library of PelicanSecure information resources, including datasheets covering Trade Compliance, Real-Time AML and Sanctions Screening detection.
Webinar: The dark world of U.S. payments fraud. Learn More
Article: How to outpace criminals in the cyber arms race. Learn More
Article: Effective strategies to combat payments fraud. Learn More
Webinar: Payment fraud—Innovation in the banking ecosystem. Learn More
Solutions: Compliance integration. Comprehensive corporate financial crime compliance. Learn More
Solutions: Transactional anti-money laundering across the payments lifecycle. Learn More
Pelican provides banks and corporates with solutions that enhance, streamline and secure the payments life-cycle. With over twenty years
of expertise in the practical application of Artificial Intelligence technology to payments and compliance, Pelican partners with its customers to deliver innovative and agile solutions and drive growth.