Danske Bank is partnering with UK-based data analytics company Windward to digitise and automate aspects of its crime compliance controls in maritime financial trade.
The Denmark-headquartered bank will use Windward’s artificial intelligence-based predictive intelligence solution for managing maritime sanctions, risks and regulations.
Windward, whose predictive intelligence solution is powered by MAIA, the Maritime Artificial Intelligence Analytics platform released in September that uses 300 behavioural analytics models and more than 10 billion data points, says Danske Bank will be able to employ dynamic risk profiling and efficiently integrate automated risk-based maritime compliance measures.
Windward’s platform will also enhance Danske Bank’s operational performance for screening, investigating, and auditing transactions for the 90% of global trade that occurs on the ocean.
New sanction advisories from the US Office of Foreign Assets Control and the UK Office of Financial Sanctions Implementation, along with ongoing efforts against anti-money laundering, “have made an already complex ecosystem even more difficult to navigate”, according to Amalie Korning Wedege, head of sanctions compliance at Danske Bank.
Korning Wedege continues: “To meet regulatory expectations, we are enhancing our efforts to improve business operations, reduce risk, and improve compliance across maritime financial trade using Windward’s AI solution.”
Ami Daniel, chief executive officer of Windward, added: “Trade finance is becoming more complex as regulations targeting money laundering, financial crime, and compliance evolve across the globe, and it’s imperative that banks intimately know who they are doing business with.”
“Danske Bank now has the most comprehensive, real-time, risk-based view of the maritime trade ecosystem that enables the highest level of accountability, transparency, and compliance to facilitate better business operations.”