With trade finance fraud believed to cost the industry as much as US$5 billion every year, due diligence has never been more important.
In response, Lloyd’s List Intelligence has introduced new, sector-leading screening functionality to its Seasearcher Trade Risk platform.
Building upon its successful 2024 launch, the enhanced Seasearcher Trade Risk now offers comprehensive validation across both containerized and bulk shipments, with expanded screening tools designed to quickly identify suspicious patterns and flag potential trade finance fraud, including:
- Comprehensive transaction-level risk assessment: end-to-end visibility across ports, vessels, and goods to reveal suspicious patterns and potential trade finance fraud in a single integrated view
- Enhanced Bill of Lading validation coverage: validates 94% of global container movements and provides robust bulk cargo shipment verification through an evidence-based approach, including validation of key counterparty data (names and addresses of consigner and consignee) for containerized shipments
- AI-powered HS code recommendation: a built-in, trade-specific language model analyzes goods descriptions and trade context to suggest the most relevant HS codes, improving classification accuracy and reducing compliance risk
- Custom risk thresholds: allows institutions to set personalized price screening tolerance thresholds aligned with their specific risk appetite
- Custom goods watchlists: supports upload of organization-specific watchlists to monitor goods based on internal policies or greylists
- Automated 24-hour monitoring: continuously re-screens transactions against user-defined expiry dates, delivering email and system alerts when risk profiles change
- Collaborative review system: enables seamless escalation of suspicious transactions to colleagues for second-line due diligence, promoting better decision-making across teams
- Comprehensive audit trails: automatically captures and timestamps notes at every stage of the review process, ensuring complete documentation for regulatory compliance
- On-demand expert support: offers access to dedicated transhipment analysts who validate complex bills of lading within 24 hours through the Transhipment Query Service
Financial institutions are being challenged - by bad actors developing increasingly complex tactics and governments demanding higher levels of due diligence to tackle money laundering and sanctions evasions. Enhanced Seasearcher Trades Risk helps them stay ahead of the curve, with the most powerful fraud-detection toolset on the market.
A single platform for identifying seaborne trade risk
Michael Dell, CEO, Lloyd’s List Intelligence: By expanding our capabilities to cover all trade modes and offering comprehensive validation of shipments, counterparties, and goods, we’ve created a single platform that instantly screens for major trade fraud indicators. This enables our clients to prevent fraud, protect their reputation, maintain compliance, and significantly reduce the time and resources needed to conduct thorough due diligence.”
