Compliance software provider Accuity has announced the launch of a new vessel monitoring capability, Firco Trade Compliance Ship Enforcement Alerts.
The firm claims it will allow organisations involved in trade finance to track shipping vessels in real-time to ensure they are not in breach of international sanctions.
If a vessel should enter a sanctioned zone or port, the organisation will be alerted and able to take action, report suspected breaches of regulation and protect itself from involvement in any wrongdoing.
In recent months, regulatory regimes have sharpened their focus on institutions involved in financing global trade, requiring them to know not only who they trade with, but what they are trading.
More specifically, regulations now demand that institutions ascertain whether a trading vessel itself is sanctioned, or has visited sanctioned ports or anchored in sanctioned waters.
In 2017, there were 30,000 visits by 4,500 container, bulker and tanker vessels to sanctioned terminals in Iran, Cuba, North Korea, Sudan, Syria and the Crimea.
Meanwhile, active enforcements against breaches of UN sanctions by shipping vessels are increasing.
Categories: Trade Based Financial crimes News