fbpx
Home Business Mauritius Commercial Bank taps Windward’s AI Solution to optimize Trade Finance and Compliance Processes

Mauritius Commercial Bank taps Windward’s AI Solution to optimize Trade Finance and Compliance Processes

by Tom Chiahemen
0 comment 2 minutes read

 

Windward, the Predictive Intelligence company applying AI to transform global maritime trade, and Mauritius Commercial Bank Ltd, he longest-standing and leading banking institution in Mauritius, announced today 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 of Specialized Finance at 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 (https://prn.to/3jCW0nv) in November 2020. Windward’s powerful AI-based dynamic risk solution provides financial institutions with a state-of-the-art platform to effectively streamline the risk management journey. Windward’s Predictive Intelligence is powered by advanced maritime AI technology which is based on 300 behavioral analytics models and over 10 billion data points.

“We pride ourselves on partnering with best-in-class financial institutions,” said Ami Daniel, CEO and Co-Founder of 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.”

(APO)

You may also like

Leave a Comment

About Us

FRONTVIEW AFRICA is a Pan-African online Newspaper and Television with sharp, clear and factual News.

@2024 – All Right Reserved.