Biodiversity loss is driven by factors like overexploitation and agriculture, with global wildlife trade significantly contributing to natural resource depletion and species extinction. The trade - including live animals, plants, fungi, and derived products – is a major economic sector valued at US$145-220 billion annually. The European Union (EU) is a key market, importing wildlife products worth approximately €100 billion. While legal trade has surged, illegal wildlife trade remains a significant transnational crime, estimated at US$20 billion annually and threatening endangered species. Monitoring wildlife trade is challenged by species-level data gaps and inadequate regulation of many traded species, hindering conservation efforts and increasing biosecurity risks, including the transmission of zoonotic diseases. Global databases, like the United Nations Comtrade, provide insufficient species-specific details, limiting regulatory effectiveness. The EU’s database Trade Control and Expert System (TRACES) offers a powerful, underutilized tool for wildlife trade monitoring. Originally designed for biosecurity, TRACES enables real-time tracking of wildlife imports across 90+ countries in 39 languages. It facilitates detailed data collection, cross-border information sharing, accurate species identification, automated processing, and enhanced risk assessment. However, studies indicate that significant gaps in species identification persist, which could be mitigated through stricter enforcement and data verification. Rather than developing other IT systems, the EU should strengthen TRACES enforcement to improve legal trade regulation, combat illegal activities, and enhance biodiversity conservation. Leveraging TRACES would reinforce the EU’s leadership in sustainable wildlife trade regulation, protecting endangered species while promoting ecological integrity.