The Trump administration continues to quickly change and adapt its tariff program, with significant changes announced this month to its tariff policies targeting Chinese vessels docking at U.S. ports. This marks another escalation in ongoing trade tensions, specifically designed to help the U.S.: Let’s take a quick look at what has changed, what it means...
The European Union has taken a major step in its ongoing campaign against the shadow fleet – a sprawling network of aging, uninsured, and often sanctioned vessels quietly operating in European waters. The European Commission amended the Vessel Monitoring Directive to require all vessels passing through EU waters – even those not calling at an...
Know Your Vessel – Case studies in steering clear of sanctions evasion
What’s inside?
Global trade financing is an increasingly complex task for financial institutions, especially when vessels are involved. Many authorities now expect financial institutions to implement sophisticated controls when it comes to shipping. These include screening and monitoring for potential sanctions violations, trade-based money laundering, and other high-risk transactions.
Recently, the U.S. Office of Foreign Assets Control (OFAC) put out a new advisory describing common deceptive shipping practices. It also recommends a list of due diligence procedures for organizations across the maritime ecosystem to implement.
Given the large volume of transactions and the need for timely processing of transactions, it is not feasible to complete Enhanced Due Diligence (EDD) on every transaction. Financial institutions must rely on a risk-based approach to protect themselves and keep their business on track.
Know Your Vessel: Case Studies in Steering Clear of Sanctions Evasion examines two public examples where standard screening tools failed to identify red flags associated with a vessel involved in a transaction and reviews the resulting risks to the transaction parties.
It goes on to explain how a Know Your Vessel (KYV) process such as considering the vessels’ prior behavior would have flagged the transaction. It ends by describing how KYV can be incorporated into the transaction screening process.
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The Trump administration continues to quickly change and adapt its tariff program, with significant changes announced this month to its tariff policies targeting Chinese vessels docking at U.S. ports. This marks another escalation in ongoing trade tensions, specifically designed to help the U.S.: Let’s take a quick look at what has changed, what it means…
The European Union has taken a major step in its ongoing campaign against the shadow fleet – a sprawling network of aging, uninsured, and often sanctioned vessels quietly operating in European waters. The European Commission amended the Vessel Monitoring Directive to require all vessels passing through EU waters – even those not calling at an…
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