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Danske Bank goes digital with Windward AI-based solution

Predictive Intelligence company, Windward, and Danish bank, Danske Bank, have entered into a partnership designed to digitalise and automate parts of Danske Bank’s financial crime compliance controls.

{mprestriction ids="1,2"} Windward’s 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 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. Windward’s AI-based dynamic risk solution enables financial institutions to establish key working processes in line with best-in-class frameworks.

Windward’s platform will also enhance Danske Bank’s operational performance for screening, investigating, and auditing transactions for the 90 per cent of global trade which occurs on the ocean. This allows for better and faster data-driven decisions.

“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 MAIA – Maritime Artificial Intelligence Analytics – an advanced AI solution based on 300 behavioral analytics models and over 10 billion data points. The company’s proprietary platform provides banks and other financial institutions with a 360 degree solution that streamlines the risk management journey.

“It is an honour to partner with Danske Bank, an established and respected financial institution with deep roots in the global maritime industry,” said Ami Daniel, CEO of Windward. “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.” {/mprestriction}

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