TradeSun tackles dual-use goods and Russia sanctions in real-time
Del Mar, CA – April 14, 2022 – TradeSun, the leading AI platform for financial crime prevention and compliance in trade, has launched an offering to detect and intercept financial transactions involving dual-use goods from Russia and Belarus, as well as vessels entering sanctioned areas amid the Russia-Ukraine crisis.
The offering leverages artificial intelligence and key data to flag and help intercept non-compliant trade transactions. Transactions involving potential dual-use goods items such as specific chemicals and machine tools, and those with links to sanctioned persons and entities related to Russia and Belarus, can now be halted by banking partners.
Additionally, vessels are being monitored to determine if they enter high-risk territories, such as the Black Sea of Azov. Voyages are also being investigated for any instances of suspected dark activity – when a vessel might have engaged in an illicit activity.
The capabilities support banks and corporates during this fast-changing time as they navigate the challenging sanctions environment, reducing risk and enabling them to take a holistic view of financial crime prevention. It leverages comprehensive datasets from leading data providers.
Nigel Hook, TradeSun CEO, said: “Players in trade must adhere to rapidly evolving blacklists and trading restrictions amid the Russia-Ukraine crisis, which is why TradeSun built these capabilities to ensure full compliance in this volatile landscape. It’s no secret that malign actors exploit the trade system for their own gain, and industry cannot allow them to slip through any compliance cracks.”
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.