"Identify Trade Fraud Risks at a Glance by Entering Ship, Export-Import Company, and Item"

Trade Guide Launches Trade Finance Anti-Money Laundering Solution
Combining Refinitiv's 'World-Check' Data with Korea FnGuide's Technology
"Data-Driven Prevention of Trade Fraud Possible"

Kim Jun-seok, CEO of Refinitiv Korea, is introducing a new trade-based money laundering (TBML) prevention solution at a press conference held on the 4th in Yeouido, Yeongdeungpo-gu, Seoul.

[Asia Economy Reporter Minwoo Lee] A data-driven solution that can prevent money laundering threats occurring in trade transactions within the domestic banking environment has been launched.

Global financial information company Refinitiv Korea held a press conference on the 4th at a hotel in Yeongdeungpo-gu, Seoul, and announced the trade-based money laundering (TBML) prevention solution 'Refinitiv-F&TradeGuide,' developed in collaboration with domestic financial solution company F&Guide.

Based on various data from Refinitiv, a data specialist company established by Reuters, this solution prevents illegal activities such as money laundering occurring in trade transactions. Kim Seokjun, CEO of Refinitiv Korea, explained, "Refinitiv's 'World-Check' data contains all information regarding legal violation records of trade entities such as individuals, companies, and vessels, raw material prices, past movement records and tracking information of vessels, and whether items are subject to dual-use restrictions. Through this, domestic banks managing trade finance will be able to prevent various types of fraud."

This solution was produced by domestic financial information company F&Guide. It plans to provide a customized service that allows domestic banks to easily perform letter of credit operations within the trade industry by utilizing Refinitiv's vast data without the need to build their own systems. Park Jaecheol, director of F&Guide, said, "Before creating a letter of credit, if you select the trade target country or company and set the transported items and vessel types within the solution, past issue histories naturally appear. This will drastically reduce the hassle of having to verify the facts of shipped items and quantities one by one as before."

TradeGuide is the first domestic solution utilizing Refinitiv's data. Since F&Guide, which has already built various financial platforms, produces and supplies it tailored to the circumstances of each domestic bank, it can be easily integrated and utilized within the systems and work environments of domestic commercial banks, and various requirements from domestic and international environments can be easily reflected.

Kim Seokjun, CEO of Refinitiv Korea, emphasized, "Securing credible data is important, but applying overseas solutions directly to the domestic market makes efficient use difficult. On the other hand, 'Refinitiv-F&TradeGuide' combines Refinitiv's global financial and risk management information and financial data with F&Guide's domestic technology, optimizing it for use in the domestic banking environment."

This content was produced with the assistance of AI translation services.