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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

A credit required: “1 COPY OF APPL'S CERTIFICATE OF CONFIRMATION OF THE AMOUNT TO BE PAID (THE REMAINING CLAIMING AMOUNT). THE REMAINING CLAIMING AMOUNT IS THE DIFFERENCE BETWEEN THE FINAL PURCHASE PRICE AMOUNT AND EIGHTY PERCENT (80%) INVOICE AMOUNT OF THE PROVISIONAL INVOICE. WITHIN FIVE (05) BUSINESS DAYS AFTER THE RECEIPT OF COPY OF FINAL INVOICE FROM THE BENEFICIARY THROUGH ELECTRONIC MAIL, THE APPLICANT SHALL SEND COPY OF APPLICANT'S CERTIFICATE OF CONFIRMATION OF DRAWING CERTIFYING THAT THE DRAWING AMOUNT IS IN ORDER. IN THE EVENT THAT APPLICANT'S CERTIFICATE OF CONFIRMATION IS NOT RECEIVED WITHIN ABOVE MENTIONED TIME, THE BENEFICIARY SHALL PRESENT 20% LC DOCUMENT AGAINST DISCHARGE PORT DOCUMENTS WITHOUT APPLICANT'S CERTIFICATE OF CONFIRMATION OF DRAWING.” Beneficiary presented their confirmation with amount to be paid being the difference between the final purchase price amount and 80% invoice amount of the provisional invoice. Can issuing bank raise a discrepancy of: 1. Certificate of confirmation not issued by the applicant as LC required or 2. Unpresentation 1 copy of applicant’s certificate of confirmation unpresentation. Because issuing bank received applicant’s confirmation that amount to be paid differs with amount to be paid by beneficiary (applicant showed deduction which is not mention under LC) plus applicant provided proof that applicant sent email to beneficiary within 5 banking days as LC required and amount to be paid. Whether or not applicant is protected by any terms or conditions of UCP, ISBP or ICC opinions,… because they presented applicant’s confirmation to beneficiary but beneficiary did not present applicant's document under their presentation?