Windward provides Danish bank with AI solution to optimize maritime trade finance

The Israeli company's predictive intelligence platform will be used by Danske Bank to automate global compliance processes

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Predictive maritime intelligence company Windward and Denmark's Danske Bank announced that they have established a partnership designed to digitalize and automate parts of Danske Bank's financial compliance controls. 

The Israeli company said its AI-based predictive intelligence solution will enable Danske Bank to employ dynamic risk profiling and to efficiently integrate the latest automated risk-based maritime compliance solutions to more efficiently comply with and manage increasing sanctions risks and regulations.

The platform will also enhance Danske Bank's operational performance for screening, investigating, and auditing transactions for the 90% of global trade which occurs on the ocean, allowing for better and faster data-driven decisions, according to Windward.

Danske is one of Denmark's largest banks and one of the biggest financial institutions in Northern Europe.

"Financial institutions are some of the most heavily regulated in the world," said Amalie Korning Wedege, Head of Sanctions Compliance at Danske Bank. "In addition to our ongoing efforts against AML, new sanctions advisories by OFAC and OFSI have made an already complex ecosystem even more difficult to navigate. To meet regulatory expectations, we are enhancing our efforts to improve business operations, reduce risk, and improve compliance across maritime financial trade using Windward's AI solution."

Windward's predictive intelligence is powered by Maritime Artificial Intelligence Analytics, an advanced AI solution based on 300 behavioral analytics models and over 10 billion data points. The solution allows stakeholders including banks, commodity traders, insurers, and major energy and shipping companies to make real time, predictive intelligence-driven decisions, providing a 360-degree view of the maritime ecosystem and its broader impact on safety, security, finance, and business, according to the company.

Ami Daniel, CEO of Windward, said "Trade finance is becoming more complex as regulations targeting money laundering, financial crime, and compliance evolve across the globe, and it's imperative that banks intimately know who they are doing business with. Danske Bank now has the most comprehensive, real-time, risk-based view of the maritime trade ecosystem that enables the highest level of accountability, transparency, and compliance to facilitate better business operations." 

The partnership comes as the global financial sector is under pressure to increase due diligence and efforts against financial crimes, sanctions, and money laundering. As more demanding regulations target the broader maritime ecosystem, financial institutions are now required to enhance the evaluation of the partners they conduct business with.