European Commission brings in Moody’s Analytics to help fight fraud
The European Commission (EC) has handed a framework contract (FWC) worth up to €34 million to Moody’s Analytics to strengthen its anti-fraud, money laundering and financial crime efforts through the use of comparable data insights.
Moody’s Analytics awarded €34m FWC with OLAF
As part of the four-year contract, which is to be managed by the EC’s European Anti-Fraud Office (OLAF), the US-headquartered financial intelligence firm will provide company data, information on connected individuals and risk indicators from its Orbis database.
Orbis is operated by Bureau van Dijk, a subsidiary of Moody’s Analytics. It holds data on 450 million companies and entities from around the world, with around 10% of its listings including detailed financial information.
OLAF’s evaluation committee scored the database 87 out of 100 for the quality of its data and risk indicators.
The recipients of this data are to include the European Court of Auditors, the European Banking Authority, the European Public Prosecutor’s Office, Europol and up to 30 Directorate-Generals of the EC.
These institutions will apply the data to form a comprehensive understanding of the increasing threat of fraud and financial crime faced by private companies operating in the EU.
In practice, the data will shape these institutions’ efforts in research, policy-making, FDI screening, law enforcement and judicial cooperation, which in effect aims to mitigate the growing impact of fraud.
Keith Berry, GM of KYC solutions at Moody’s Analytics, describes OLAF as “at the forefront of tackling fraudulent activity against EU taxpayers’ money, whether it take place in EU member states or the world more broadly”.
“Preventing fraud whenever and wherever possible is vital for the continued stability and functioning of our economies and societies,” Berry adds.
