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Automated Document Examination and Financial Crime Risks managed by AI

28/02/2024

For almost two years now I have been acting as a consultant to a company called Complidata who are based in Belgium. Complidata provide two artificial intelligence driven solutions to banks ands corporates (1) Automated Document Examination (TradeSpeed) and (2) Financial Crime Risk Reporting (FCRR). My task, for TradeSpeed, has been to identify and document all the checks that are necessary to examine a set of documents under a letter of credit across all types and industries. This encompasses checks relating to terms and conditions incorporated into a letter of credit including fields 45A, 46A and 47A, the applicable rules in UCP 600 and the applicable practices outlined in ISBP 821 for each document type. For FCRR to identify the checks needed for sanction, red flags, TBML, and vessel monitoring among others.

In addition to establishing the examination checks for letters of credit, to develop discrepancy wording to identify the reason why TradeSpeed has identified a discrepancy in a document or the presentation itself. Demo's have been provided to numerous banks with advancement to proof of concept and implementation.

The following link, to the Complidata February newsletter, provides some more details. If your bank or company has any interest in this exciting solution please let me know at gary@collyerconsulting.com   

https://cdn.mc-weblink.sg-mktg.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__RVD1K3lOVaG

 


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Latest Question

ISBP 821 PRELIMINARY CONSIDERATIONS paragraph (viii) states: A request to insert the credit number on a document is usually at the instigation of the issuing bank in order to facilitate the collation of documents should one or more documents become detached from the presentation. Provided all the stipulated documents are received by the issuing bank, the absence of a credit number or the mistyping of that number on a document does not constitute a reason for refusal. The exception to this position is where it is a requirement of the importing country that the credit number be stated on one or more documents. In such circumstances, the credit must clearly indicate that this is the reason for the number to be shown on that or those documents. Question: In my opinion, where the credit ONLY calls for “All documents must show the credit number”, which is at the instigation of the issuing bank in order to facilitate the collation of documents, the above texts apply. When the credit stipulates the following clauses, which is not at the instigation of the issuing bank in order to facilitate the collation of documents, the above texts do not apply: 1. “All documents must show the issuing bank’s name, credit number and issuance date”; 2. “All documents must show the credit number and issuance date” 3. “All documents must show the credit number except the cert of analysis”; 4. “The cert of analysis must not show the credit number except other documents”; 5. “The cert of analysis must show the credit number”; 6. “All documents must not show the credit number”; 7. “All documents must show the credit number at the request of the applicant”; 8. “All documents must show the credit number for the reason: XXXXXX”. Please confirm.