from HANSLEY NABAB in Port Louis, Mauritius
PORT LOUIS, (CAJ News) – MAURITIUS Commercial Bank (MCB) is tapping into artificial intelligence (AI) to optimise trade finance and compliance processes.
The bank will integrate Windward’s Predictive Intelligence solution to increase efficiency across its trading practices, empowering MCB to continue to trade with confidence in an era of rapidly increasing risks.
“Windward’s platform was the natural choice when we were looking to boost efficiency of our due diligence and Know Your Vessel processes,” said Zaahir Sulliman, Head of Specialized Finance at MCB.
“As maritime trade becomes increasingly complex to navigate, our partnership with Windward enables us to more effectively meet regulatory expectations and enhances our efforts to improve business operations, reduce risks, and improve compliance across our commodity finance business.”
Financial institutions in Mauritius and around the world are under increased pressure by both national and international compliance regulators to implement extensive due-diligence processes, especially in light of new sanctions advisories by the Office of Foreign Assets Control in the United States and the Office of Financial Sanctions Implementation in the United Kingdom.
“We pride ourselves on partnering with best-in-class financial institutions,” said Ami Daniel, Chief Executive Officer and co-founder of Windward.
The executive said as trade finance became more complex due to increased regulation, it was essential for banks to enhance their compliance processes and to be better informed on the entities they conduct business with.
“We are proud to push the digital transformation of the industry forward by providing MCB with the highest level of comprehensive risk-based analysis of maritime trade” Daniel said.
– CAJ News