Windward, a predictive intelligence solutions company that applies AI to transform global maritime trade and Mauritius Commercial Bank (MCB) Ltd, a leading banking institution in that country, have announced a long-term, multi-year partnership to enhance MCB’s due diligence and monitoring processes linked to its commodity trade finance business.
Windward’s AI-powered solution will increase efficiency across MCB’s maritime trade finance practices and strengthen compliance and trade-based money laundering screening processes.
Financial institutions in both Mauritius and around the world are under increased pressure by both national and international compliance regulators to implement extensive due-diligence processes, especially in light of new sanctions advisories by the Office of Foreign Assets Control (OFAC) in the US and the Office of Financial Sanctions Implementation (OFSI) in the UK.
To this end, forward-thinking financial institutions are turning to AI systems to bolster effectiveness, streamline lengthy processes and gain insights into deceptive practices used to facilitate financial crimes.
“Windward’s platform was the natural choice when we were looking to boost efficiency of our due diligence and Know Your Vessel processes,” said Zaahir Sulliman, Head, Specialised Finance, Mauritius Commercial Bank. “As maritime trade becomes increasingly complex to navigate, our partnership with Windward enables us to more effectively meet regulatory expectations and enhances our efforts to improve business operations, reduce risks and improve compliance across our commodity finance business.”
This partnership comes on the heels of Windward’s announcement of a partnership with Danske Bank in November 2020. Windward’s AI-based dynamic risk solution provides financial institutions with a state-of-the-art platform to effectively streamline the risk management journey.
“We pride ourselves on partnering with best-in-class financial institutions,” said Ami Daniel, CEO and Co-Founder, Windward. “As trade finance becomes more complex due to increased regulation, it is essential for banks to enhance their compliance processes and to be better informed on the entities they conduct business with. We are proud to push the Digital Transformation of the industry forward by providing Mauritius Commercial Bank with the highest level of comprehensive risk-based analysis of maritime trade.”Click below to share this article