Maritime tracking, monitoring and security specialist, Pole Star Space Applications, is now targeting financial institutions with a new anti-money laundering (AML) service.

PurpleTRAC is a web-based platform, and one of several products that address the issue of identifying sanctioned people and entities.

Risk management
The platform aims to simplify risk management and compliance procedures for financial institutions, through the provision of an easy-to-use web-based platform.

PurpleTRAC’s interface automatically screens ships against an extensive database of global economic sanctions lists and maritime detention & deficiency lists, exposing their current and past exposure to risk.

Tracking and reporting
PurpleTRAC tracks ships’ movements on a continuous basis and monitors for any instances of high-risk activity. Pole Star also issues clients with an auditable and verifiable report on their organisation’s sanction compliance activity.

Pole Star claims the platform succeeds in automating the process of adhering to compliance procedures, thus aiding the management of maritime AML for organisations.

Competitors
Other providers of services to identify sanctioned individuals and entities include FircoSoft and Accuity, both of which are now owned by Reed Elsevier (Newsflow, 28 October 2014).

Founded in 1998, Pole Star Space Applications built its business by providing satellite based ship monitoring, risk management and compliance services to governments, flag states, commercial marine, fisheries and financial service entities.

Categories: Trade Based Financial crimes News