Lloyd’s List Intelligence has bolstered its risk & compliance suite with the launch of Seasearcher Trade Risk, part of Risk Evaluation for Trade Finance Solution, a significant move that will enable financial institutions to exercise greater and more efficient due diligence in the ongoing battle to prevent trade fraud.
Incorporating fast and accurate dual-use goods screening and the detection of over or under invoicing of goods, Seasearcher Trade Risk has been designed for trade finance professionals to streamline and enhance their screening processes, and ultimately mitigate trade-based money laundering risk within transactions.
Responding to a market problem
The International Chamber of Commerce (ICC) has estimated that fraudulent transactions within the global trade financing market contribute to around $5 billion per year in total business disruption. International organisations including the EU have highlighted the need to exercise greater due diligence and use more sophisticated methods to combat the threat of trade fraud, particularly as bad actors are finding increasingly complex ways to hide their activities.
Seasearcher Trade Risk responds to the above challenges. Among its many capabilities it will enable trade finance professionals to:
- Screen a maximum of 5 goods per transaction, valuable time saved on each shipment check
- Input prices from trade documents to view up to 12 historical fluctuations, and detect over or under invoicing of goods that could indicate fraud
- Access trade data from all countries and HS codes up to 6 digits
- Verify shipment descriptions to uncover dual-use goods risk
- Access 21 export control lists, containing over 4,800 restricted items
- Check if the vessel is appropriate for the goods types
- Be alerted when similar historical trade routes for the cargo screened cannot be detected
- Download reports to ensure evidence is collected for audit trail requirements
Rosanna Boyle, Head of Product Strategy, Lloyd's List Intelligence: "I am thrilled to introduce Seasearcher Trade Risk, a comprehensive solution to safeguard financial institutions against trade-based money laundering. By integrating advanced screening tools, including Dual Use Goods Check and Price Verification, it enhances due diligence and ensures compliance with international regulations, protecting the global trade environment from fraud."