- SafeTrade by Eastnets recognised for excellence in AML transaction monitoring innovation.
- SafeTrade integrates multiple data sources with AI-driven real-time risk analysis to effectively detect and combat trade-based financial crime.
- Eastnets’ award-winning solutions, including SafeTrade, support over 800 financial institutions globally in achieving advanced compliance and secure payment operations.
- You can access the report here.
Eastnets SafeTrade, a leading trade-based financial crime detection platform, has been awarded a Silver Medal in the 2024 Best AML Transaction Monitoring Innovation category by Datos Insights. This recognition highlights SafeTrade’s role in combatting global financial crime through a unified system combining advanced AI, real-time data integration and comprehensive compliance.
SafeTrade addresses the specific needs of financial institutions by consolidating critical functions, such as document digitisation, vessel tracking, and GenAI-powered pricing analysis, into one seamless solution. Traditional methods, heavily reliant on spreadsheets and disconnected systems, leave financial institutions vulnerable to sophisticated criminal tactics.
SafeTrade addresses these vulnerabilities by integrating data sources like marine data and real-time vessel tracking with AI-driven risk analysis. This approach offers financial institutions full visibility and improves the accuracy of detecting illicit activities while reducing manual intervention and operational costs.
“This recognition from Datos Insights illustrates SafeTrade can help financial institutions navigate the growing complexities of trade-based financial crime,” said Hassan Zebdeh, Product Development Manager at Eastnets. “We remain committed to evolving our solutions to meet the demands of a changing global financial ecosystem and regulatory environment.”
Key features of SafeTrade
- Unified platform: Integrates all trade-based financial crime compliance workstreams into a single interface, providing a comprehensive view of risk.
- AI-driven analysis: Enhances detection and management of illicit activities through machine learning models and real-time data, outperforming traditional rule-based systems.
- Document digitisation and GenAI: Automates document digitisation, with GenAI analysing content for pricing anomalies and inconsistencies, delivering accurate and timely risk assessments.
- Vessel tracking: Provides real-time monitoring of vessels, mitigating risks associated with maritime trade, a critical component often overlooked by conventional AML systems.
- Compliance with global standards: Adheres to globally recognised standards, including FATF Recommendations and ISO 20022, ensuring international regulatory compliance.
Quantifiable benefits
- Increased efficiency: Automation significantly reduces the manual processing time required for document management and risk assessments.
- Improved detection accuracy: Continuous screening and real-time data integration reduce false positives, enabling compliance teams to focus on genuine threats.
- Enhanced compliance: By consolidating all workstreams into one platform, SafeTrade helps financial institutions achieve more effective compliance, reducing the risk of fines and penalties.
Industry endorsement
According to Datos Insights, SafeTrade’s integration of advanced technologies and methodologies represents a significant innovation in the fight against trade-based financial crime. Financial institutions are increasingly looking for solutions that offer both robust security and operational efficiency. SafeTrade meets these needs by providing continuous monitoring, real-time alerts, and comprehensive risk assessments.
"Every year, the Datos Impact Awards in AML seek to recognise solutions that make a real difference in the fight against financial crime. SafeTrade by Eastnets exemplifies this by tackling trade-based financial crime with an AI-powered platform that simplifies monitoring and risk management for financial institutions. This innovation makes Eastnets a worthy recipient of this year's silver medal in the Best AML Transaction Monitoring Innovation category." commented Chuck Subrt, Head of Fraud & AML at Datos Insights
As trade-based money laundering continues to be a significant yet underreported issue, platforms like SafeTrade are essential for enhancing the security and compliance of trade finance operations. The platform’s continuous monitoring and ability to reduce false positives helps financial institutions focus on genuine threats, making it a critical tool in today’s regulatory landscape.
About Eastnets
Eastnets is a global provider of compliance and payment solutions for the financial services sector. Through our experience, expertise and technology we enable safe and secure participation in the global financial economy for over 800 financial institutions globally, including 15 of the top 50 banks, and 22 of the world’s central banks.
For more than 40 years, we’ve worked to keep the world safe and secure from financial crime. We do this by helping our partners manage risk through Sanction Screening, Transaction Monitoring, analysis, and reporting, plus industry leading consultancy and customer support.
About Datos Insights
Datos Insights is an advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts.
Media contacts
Dalia Masad - info@eastnets.com
