Financial institutions have very little room for error. Mistakes are costly, so a more risk-averse approach to transaction screening and compliance can seem like the better business decision. But traditional technologies trigger too many investigations – stunting growth and business. In this blog, we’ll explain how maritime AI can help diminish the number of false…
According to the US Government Accountability Office (GAO), the amount of illicit money being laundered through international trade is believed to be on the rise. While financial institutions have picked up their efforts to manage this risk, document verification is still a challenge. Identifying fictitious documents and false invoicing to facilitate trade-based money laundering (TBML)…
Due diligence processes can be both timely and resource-intensive. Stakeholders need to accurately evaluate the potential costs and threats involved in a transaction or trade, but this can prove difficult without a comprehensive overview of the relevant risk factors. While some organizations may use vessel information or sanctions screening, it’s simply not enough to keep…
Decarbonization efforts have been trending in the news lately. But for industries like shipping, the attention is primarily on regulators. Why? Shipping and the stakeholders involved are global and out of scope for nation-by-nation policies. The IMO (international marine organization) has stepped in to try and provide a standard for the industry. However, waiting for…
On February 1st, Myanmar’s military seized power in a coup d’état. Following the military coup, the United States, EU, UK, and Canada announced targeted economic sanctions against the country’s military leaders and a handful of military-held companies. And the list of targets is bound to grow. In this developing situation, behavioral vessel risk intelligence is…
The oil spills that we are familiar with today and that have caught global attention were primarily due to major accidents involving refineries, pipelines, and storage facilities. But smaller-scale spills that occur as a result of ship-to-ship transfers are often overlooked. These events can have an equally significant impact on the entire marine ecosystem. In…
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The emergence of orchestrated manipulations & location tampering In April 2021, Windward uncovered the first known case of orchestrated Global Navigation System (GNS) manipulations off the Caribbean Islands. This discovery is a landmark moment in global maritime security, signaling that bad actors have now attained technologies and know-how enabling them to co-opt electronic warfare manipulations that up…
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Deloitte has been running the Compliance Agenda for over eight years, leading the conversation on the most relevant areas of importance for corporations. This year, the disruption Covid-19 caused, the release of the OFAC and OFSI regulations, the change in U.S. government policies, and the rapid adoption of digitization solutions changed the risk landscape, led…
With the OFAC advisory published in May 2020, flag hopping went from a lesser-known deceptive tactic mainly associated with illegal fishing to a core tenet of sanctions-related deceptive shipping practices. Defined only as “…repeatedly registering with new flag states to avoid detection,” flag hopping, unlike AIS manipulations or STS transfers, is left largely undefined and open…
The financial industry has always been subject to regulations, and therefore, has always had to have systems in place to mitigate risk. Recent advisories from the U.S. and U.K. have set a new standard of expectations and increased the maritime sanctions risk financial institutions are exposed to. The expectations outlined by the OFAC and OFSI…
On their face, the new U.S. sanctions look very targeted toward the Russian government. However, when we look closer at the measures, we see the wide-ranging risks they pose to the shipping industry and the sizable challenge maritime actors face to manage the new risk. The new sanctions come in three main prongs for the…
Maritime decarbonization is a growing global concern and a key goal for the maritime ecosystem. With 90% of global trade shipping via sea, roughly 3% of global carbon dioxide emissions in 2012 were generated by the shipping industry. The goals set by IMO to reduce greenhouse gases have made decarbonization a true priority for the…
