Pole Star and Vasanda join forces to offer commodity trade risk screening

Pole Star, which is best known for its maritime sector vessel-tracking, sanctions screening and regulatory technology, has acquired a controlling stake in London-based start-up Vasanda to strengthen its screening offering in the global commodities trade.

The acquisition aims to provide banks and organisations engaged in international trade with a new single-point, end-to-end screening solution for the full spectrum of risks across sanctions, compliance and sustainability in the commodities sector.

Commodity focus

Customers will have a 360-degree view of regulatory and sustainability risk relating to any actively traded commodity according to Pole Star.

It says the new joint solution will enable pre-trade sustainability risk screening of vessels and transactions, using historical data alongside Vasanda’s real-time monitoring of climate impact data, which include risks such as deforestation, soil erosion and fires.

Vasanda also screens and validates environmental degradation, water productivity and human exploitation metrics that can be evident in certain commodity value chains.

Source to destination

Combined with Pole Star’s PurpleTRAC risk management and sanctions compliance technology, the new joint solution aims to enable users to screen and monitor the sustainability risk for any transaction and shipment from source to destination

Pole Star says the screening responds to rapidly evolving regulation and heightened concerns about the impact of the commodity supply chain on climate change and the Environmental, Social, and Corporate Governance (ESG) agenda.

Categories: Trade Based Financial crimes News

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