Windward’s AI solution optimises Danske Bank’s compliance

Danske Bank has brought Windward on board as a tech partner in order to fulfil its mission for enhanced financial crime compliance controls.

Windward, which has been placed in Dun’s ‘Top 10 Places to Work in Tech’ for three consecutive years, is a specialist in harnessing data and artificial intelligence (AI) to analyse dynamic trends in the maritime ecosystem.

Recognising the mounting pressure to enhance due diligence and enforce greater preventative measures on financial crime, Danske Bank hopes that the aforementioned maritime tech can be deployed to navigate the industry’s complex risks and regulations. 

Facilitating better business

Based on 10 billion data points, 300 behaviour models and eight years of modelling (called Maritime Artificial Intelligence Analytics, or MAIA), Windward’s AI enables 24/7/365 coverage with a system that screens, analyses and links information in its database.

As such, the bank’s operational performance can expect to be enhanced with faster audit decision-making across the “90% of global trade which occurs on the ocean”.

“Financial institutions are some of the most heavily regulated in the world,” commented Amalie Korning Wedege, Head of Sanctions Compliance at Danske Bank. 

“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 CEO Ami Daniel added, ““It is an honor to partner with Danske Bank, an established and respected financial institution with deep roots in the global maritime industry.

“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.”