The European Commission has awarded a €34 million framework contract to Moody’s Analytics to bolster its anti-fraud and financial crime efforts using data insights from the Orbis database.
Facts
- The European Commission (EC) has granted a four-year framework contract (FWC) worth up to €34 million to Moody’s Analytics.
- Moody’s Analytics will collaborate with the EC’s European Anti-Fraud Office (OLAF) to enhance anti-fraud, money laundering, and financial crime efforts.
- The company will provide company data, information on connected individuals, and risk indicators from its Orbis database, operated by Bureau van Dijk, a subsidiary of Moody’s Analytics.
- Orbis holds data on 450 million companies and entities worldwide, with approximately 10% containing detailed financial information.
- OLAF’s evaluation committee rated the Orbis database 87 out of 100 for data quality and risk indicators.
- The recipients of this data will include various institutions such as the European Court of Auditors, European Banking Authority, European Public Prosecutor’s Office, Europol, and up to 30 Directorate-Generals of the EC.
- These institutions will utilize the data to gain insights into fraud and financial crime threats faced by private companies in the EU.
- The data will shape efforts in research, policy-making, FDI screening, law enforcement, and judicial cooperation to combat the increasing impact of fraud.
- Keith Berry, GM of KYC solutions at Moody’s Analytics, praises OLAF’s efforts in combating fraudulent activity against EU taxpayers’ money. He emphasizes the importance of preventing fraud for the stability and functioning of economies and societies.
