Moody’s Analytics links with European Commission to modernise fraud detection


The European Commission has recently joined hands with Moody’s Analytics to overhaul its anti-fraud operations.

The partnership hinges on a newly awarded Framework Contract (FWC) that has been sanctioned by the European Anti-Fraud Office (OLAF), which governs the delivery of company data, linked individual information, and risk factors contained within Moody’s Analytics’ Orbis database.

The primary motive of this collaboration is to combat the growing instances of fraud, money laundering, and financial crime, whose complexity and reach have significantly expanded over recent years. As a result of this rapid increase, driven by significant geo-political shifts, emerging technologies, unconventional payment methods that sidestep traditional compliance processes, and the challenges of the Covid-19 pandemic, institutions like the European Commission require a holistic understanding of private companies to pinpoint and prevent fraud impacting the financial interests of the European Union.

Moody’s Analytics is renowned for its financial intelligence, providing strategic insights to its clients with its specialised resources such as the Orbis database. This vast database comprises legal ownership information and associated natural persons for over 460 million entities globally, alongside data on more than 450 million individuals. The European Commission, on the other hand, plays a key role in drafting policies and proposing legislation, implementing decisions, upholding EU law, and setting objectives and priorities for the European Union.

With this partnership, the four-year Framework Contract (FWC), potentially valued up to EUR 34m, allows the involved European Union institutions direct access to the Orbis datasets. The FWC contract is managed by OLAF, on behalf of the European Commission and several other EU bodies, with the maximum ceiling set at EUR 34m.

Institutions that can now utilise Orbis as their go-to resource include up to thirty Directorate-Generals of the European Commission (EC), the European Public Prosecutor’s Office, the European Banking Authority, Europol, and the European Court of Auditors. This new agreement will bolster the mandate of EU institutions in areas such as research, policy-making, FDI screening, anti-fraud operations, law enforcement, and judicial cooperation, enabling selected institutions to leverage firm-level data and risk indicators encompassed in Moody’s Analytics’ Orbis database.

Moody’s Analytics General Manager of Know Your Customer Solutions, Keith Berry said, “We are delighted to announce such an important agreement with a global leader in the fight against fraud. The European Anti-Fraud Office is at the forefront of tackling fraudulent activity against EU taxpayers’ money, whether it takes 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.”

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