Danske Bank deploys Windward AI to track risk at sea
Danske Bank has signed a deal with intelligence firm Windward to use the latter’s system on improving maritime risk calculation.
Danske aims to improve its maritime compliance with AI algorithms
Windward’s says its AI-based predictive intelligence solution will enable Danske Bank to employ “dynamic risk profiling”.
It adds the bank can “efficiently integrate the latest automated risk-based maritime compliance solutions” to comply with new regulations.
Windward’s platform will enhance Danske Bank’s screening, investigating, and auditing of transactions. It claims the system can cover “90% of global trade which occurs on the ocean.”
Amalie Korning Wedege, head of sanctions compliance at Danske, says regulations make “an already complex ecosystem even more difficult to navigate”.
She adds: “To meet regulatory expectations, we are enhancing our efforts to improve business operations, reduce risk, and improve compliance.”
Israel-based Windward says its solutions uses 300 behavioural analytics models and over 10 billion data points.
It draws on open source data, satellite imagery, weather forecasts, and broadcasted tracking data to predict and detect unusual activity at sea.
“Trade finance is becoming more complex as regulations targeting money laundering, financial crime, and compliance evolve across the globe,” says Ami Daniel, Windward CEO.
“Danske Bank now has the most comprehensive, real-time, risk-based view of the maritime trade ecosystem.”
Related: EBA calls for EU-wide set of anti-money laundering rules
