TBML compliance in South Asia: BankT&D Consulting and IHS Markit offer solution

KARACHI: IHS Markit, a world leader in critical information, analytics and solutions, and BankT&D Consulting Limited, UK, a firm specializing in the digital transformation of financial services, have announced a partnership to offer Banks a comprehensive automated solution for managing Trade Based Money Laundering (TBML) compliance in South Asia.

IHS Markit has a 300-year history within the maritime and trade sector, managing content sets across the shipping, port, cargo, and trading sectors. IHS Markit’s trade-based money laundering datasets, including thousands of dual-use goods that do not appear on catch-all control lists and the capture of over and under-invoicing price discrepancies will be available to BankT&D Consulting customers, as will IHS Markit’s maritime movement and compliance datasets.

Guy Sear, VP Risk and Compliance, IHS Markit “Expectations for the management of trade risk and compliance in South Asia are increasing, requiring banks to understand in-depth and challenging aspects of the financial transaction. The integration of IHS Markit’s trade-based money laundering datasets into the BankT&D Consulting screening platform provides customers with solutions to increase business efficiency and manage risk in a time-sensitive manner.”

Aslam Aziz, Managing Director, BankT&D Consulting - “Integrating IHS Markit datasets with BankT&D Consulting’s Trade and Technology expertise is an important component in helping banks in the region effectively manage Trade compliance risk. The increasing emphasis on regulation, compliance and security requires credible and swift action by banks. Our ‘Trade Compliance Navigator’ solution powered by IHS Markit datasets means we are able to support banks in combating Trade Based Money Laundering as required by local regulators in Pakistan, Bangladesh and India.”—PR

Copyright Business Recorder, 2021