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At Maritime Data, we exist to make buying data easier.

We’ve devoted hundreds of hours to identifying and curating content from our partners to provide you insights as part of our Maritime Data Newsletter and now we’re bringing you The Maritime Data Product Newsletter.

The Maritime Data Product Newsletter will be sent every two weeks bringing together a selection of all of the new products, services, features, and major updates from partners within our network.

This will include:

• The Challenge
• The Solution
• Use Cases

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Seasearcher Trade Risk - Lloyd's List Intelligence​

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.

The Challenge

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.

The Solution

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 their screening processes, and ultimately mitigate trade-based money laundering risk within transactions.

• Batch Screening: Screen a maximum of 5 goods per transaction, valuable time saved on each shipment check
• Price Verification: Input prices from trade documents to view up to 12 historical fluctuations, and detect over or under invoicing of goods that could indicate fraud
• Global Trade Data Access: Access trade data from all countries and HS codes up to 6 digits
• Dual-use Goods Check: Verify shipment descriptions to uncover dual-use goods risk
• Export Control Lists: Access 21 export control lists, containing over 4,800 restricted items
• Vessel Compatibility Check: Check if the vessel is appropriate for the goods types
• Trade Route Anomaly: Be alerted when similar historical trade routes for the cargo screened cannot be detected
• Audit Trail Reports: Download reports to ensure evidence is collected for audit trail requirements

Use Cases

Trade Finance Operations Manager's need to determine the market value of goods in a trade to identify potential pricing anomalies and mitigate the risk of illicit activities or fraud. Accessing the market value from valid sources to expedite the trade assessment process simplifies this process.

Alongside this, users can also conduct a Dual-Use Goods check, bringing together what used to be a number of separate checks.

Anti-Money Laundering (AML) Specialist's need to determine the market value of goods in a trade to identify potential pricing anomalies that could indicate money laundering activities, quickly access this information from valid sources to expedite the monitoring process, and identify goods that fall under the Dual-Use Goods category to ensure compliance with anti-money laundering regulations.

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Regards,

James

Regards,

James Littlejohn

Co-Founder

Maritime Data Ltd

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