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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.com/weblink/MTcwOTEyNzQyOXxwVFJkZC1UX2hWTzcxb1l5OFlBQWtncnpaY3JzQ0xSWERDLS1Iam01NDZjZkxseC1DS2FzczdCVjJXR1ZQSGNUZTFrM2J6TERyNWFGZFh3RkVYd2F1S2hYaWptSFBkVEY0TlBTcDMxUHBtdXhyUWJYb1g2cWFYN3RvLW5LXzBOczktMnpGSjdFRW5naU9oZFc2QXNTTkduV3dWY2Y2dklCV3V4MTNlNHRxcU5PY0E2REFaTGJSM0RabTVEZTJQQ2NxR3RWcDM5azNwenNVaEFIY3p3aHhkYkppSnFmZHNScUJzUmN6VVYtYVJrZzdLOFNrQ01OQURZRkdsTEpnR0liX1N5Nno4bUs2NnR3UmpGd05Mell6TDlWdEtVN1NRakprRVdsVVZZenFfTmhTeFBwRjVBVktwSGhwVHQ4VENGbVpmdUpuT0Utb1Z0S1NtMG83QlFSOGhsOHd2UDFvZz09fNsFFth7GL9ZH1PWyNvQZUISuDJE2nN__RVD1K3lOVaG

 


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Latest Question

We, as issuing bank, issued a credit available with any bank by negotiation at sight with the following clauses in field 78: +T/T reimbursement allowed +Our bank will pay the amount within 4 working days following the day of our receipt of reimbursement claim by SWIFT and email copies of documents from the negotiating bank certifying that the documents presented are fully complied with the terms and conditions of our credit. The claiming SWIFT has also to give the following details : shipment date, B/L NO., shipment quantity, description of goods, the courier service name and the relative courier service number. The negotiating bank must send the full set of documents by courier service to us the same day of your sending us the reimbursement claim. The negotiating bank must email the full set of documents with the covering schedule to the issuing bank email address :xxx@sina.com the same day of reimbursement claim. Question: According to the A/M clauses, which view is correct and why? View 1: when the issuing bank receives the copy of documents sent by email, the issuing bank should check the copy of documents. If they find them discrepant, the issuing bank should send advice of refusal to the negotiating bank. (In other words, the credit allows the presentation of documents by email and by T/T reimbursement claim?) View 2: ONLY when the issuing bank receives the full set of ORIGINAL set of documents by courier, the issuing bank will begin to check the documents. If they find them discrepant, the issuing bank should send advice of refusal to the negotiating bank.