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IHS Markit and TradeSun partner to leverage data and AI to combat crime in trade
24 February 2022
London, United Kingdom, February 22, 2022 - IHS
Markit (NYSE: INFO), a world leader in critical information,
analytics and solutions, and TradeSun, a provider of cutting-edge
trade compliance solutions, have announced a strategic partnership
to offer an all-in-one integrated trade solution that enhances
financial crime due diligence and advances digitisation of the
overall compliance process.
The combined solution featuring TradeSun's AI-powered trade
compliance platform with IHS Markit's extensive financial crime
datasets offers real-time compliance checks, including for vessel
tracking and behavioural analytics, container compliance and bill
of lading verification, dual use goods and product value
screening.
The partnership enables potential illicit activity in trade
transactions to be flagged instantly by TradeSun's market-leading
platform, significantly reducing risk and enhancing efficiency. By
utilising the solution, customers can safely expand business in
trade, confidently knowing their compliance and risk requirements
have been automatically handled.
IHS Markit has a 300-year history within the maritime and trade
sector, managing content sets across the shipping, port, cargo, and
trading sectors. The in-depth and broad scope of unique datasets
managed by IHS Markit goes beyond simple watch-list screening to
provide organisations with the ability to identify corporate
networks, suspicious vessel activity, export-controlled goods, and
unit prices across the full HS code spectrum.
TradeSun's AI-powered platform empowers customers to reduce
risk, fuel growth and accelerate business decisions in their trade
operations. It offers real-time compliance checks, including for
trade-based money laundering, fraud and sanctions, with
comprehensive audit trails, reporting and analytics.
Guy Sear, VP Risk and Compliance, IHS Markit -
"Advisories, guidelines, and regulation across trade are on the
rise, requiring practitioners to understand all aspects of a
transaction and to identify its risk. The integration of IHS
Markit's maritime and trade datasets into TradeSun's platform will
provide customers with big data and artificial intelligence to
reduce time-consuming false positives, optimise and digitise
business operations, and manage risk in a more timely and efficient
manner."
Nigel Hook, CEOof TradeSun -
"With technology uncovering that trade-based financial crime is far
bigger than most people had imagined, it has never been more
crucial for banks and institutions to deploy real-time intelligent
compliance solutions for their trade processing. Our partnership
with IHS Markit elevates compliance digitalisation to a new
paradigm by combining the best technology with the best data,
significantly intercepting the potential for economic crime."
About IHS Markit
IHS Markit (NYSE: INFO) is a world leader in critical
information, analytics and solutions for the major industries and
markets that drive economies worldwide. The company delivers
next-generation information, analytics and solutions to customers
in business, finance and government, improving their operational
efficiency and providing deep insights that lead to well-informed,
confident decisions. IHS Markit has more than 50,000 business and
government customers, including 80 percent of the Fortune Global
500 and the world's leading financial institutions. Headquartered
in London, IHS Markit is committed to sustainable, profitable
growth. For more information visit www.ihsmarkit.com
About TradeSun
TradeSun is an innovator and leader in trade digitization. Our
award-winning AI-powered platform for trade finance processing and
compliance empowers our customers to reduce risk and fuel growth by
leveraging state-of-the-art technologies. The TradeSun Platform is
a one-stop solution that offers real-time compliance, covering
trade-based money laundering, dual use goods, fair price, vessel
tracking and sanctions. It also automates document review,
significantly reducing processing times. Our executive team
consists of highly experienced trade and technology professionals
from many leading financial institutions: TradeSun.com
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Aug 03
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