Maritime compliance

LPG tanker risk
Maritime compliance

Where there is profit, there is a way: Insights on LPG tanker risk

According to Bloomberg, the energy market in Asia is driving new demand for alternatives to natural gas. And they’re willing to pay top dollar. As a result, LPG purchases – including propane and butane, are expected to pick up. But due to tighter supplies, prices are hiking to unprecedented levels. What does this mean? As long…

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Expert talk with BAFT
Maritime compliance

Expert talk with BAFT: 3 must-ask questions to evaluate maritime risk

When OFAC and the USCG came out with an advisory on sanctions compliance, they set the regulatory bar very high – requiring all stakeholders in the shipping and trading industry to meet enhanced due diligence standards. As a result, the need to go beyond list-matching and towards a more dynamic approach to evaluating maritime risk…

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Financial crime risks
Maritime compliance

Are you doing enough? The FCA isn’t happy with banks’ financial crime controls

In September, the FCA published a ‘Dear CEO’ letter to banks, with a strong and undeniably clear message of the gap in managing financial crime risks. According to the letter, “assessments of individual firms have highlighted several significant issues relating to both credit risk analysis and financial crime controls.” The letter, while blunt, comes as…

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Identity laundering
Maritime compliance

North Korean sanctions evasion: identity laundering explained

The May 2020 advisory demanded a higher level of due diligence, and the market reacted by onboarding more advanced systems. Nevertheless, the counteraction by bad actors was fast and more sophisticated than expected. With advanced deceptive tactics on the rise, stakes are higher than ever. One of the latest tactics trending in the news is identity laundering….

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GCC region
Maritime compliance

A complex compliance task: mitigating UBO risk in the Gulf region

According to the Financial Action Task Force, the United Arab Emirates (UAE) has 39 different company registries. Many of these exist to help promote economic growth in the various free trade zones (FTZs). However, the expansion of the UAE’s FTZs and the country’s myriad of company registries have created ample opportunity for exploitation. Complex company…

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Old vs new tankers risk blog
Maritime compliance

Vessel age and sanctions risk: The truth is out

In a recent TradeWinds article, Frontline’s interim CEO, Lars Barstad, reported that a quarter of older tankers are at high sanctions risk. To understand why, he explained the involvement of these 15-year-old tankers in carrying sanctioned Venezuelan or Iranian crude. According to VesselsValue, there are 368 tankers of at least 15 years old and 120,000…

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The facts behind the headlines: uncovering the full story with AI
Maritime compliance

The facts behind the headlines: uncovering the full story with AI

On August 3rd, news hit of the involvement of six tankers in a maritime incident in the Gulf of Oman. One of the tankers was hijacked. Tensions have been brewing in the Gulf throughout 2021. And this recent incident highlights the increasing threat in one of the world’s most important oil shipping routes. The six tankers…

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Not all dark activities are created equal: masterclass highlights
Maritime compliance

Not all dark activities are created equal: masterclass highlights

How does the duration of dark activity impact risk? Is an identity change risky on its own? These are some of the questions we tackle in our latest masterclass, Tanker Tricks and Deep Dark Activity.  Dror Salzman, an Intelligence Research Manager on Windward’s product team, says that context is crucial in detecting new typologies and…

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Measuring false positives
Maritime compliance

Measuring false positives and what they mean for your business

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…

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Staying ahead of Myanmar sanctions
Maritime compliance

Staying ahead of Myanmar sanctions: The 48 vessels no one is looking at

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…

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Best practices for mitigating risk along the customer journey
Maritime compliance

[Webinar recap] Best practices for mitigating risk along the customer journey

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…

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The shipping industry faces expanded risks from the new U.S. Russia sanctions
Maritime compliance

The shipping industry faces expanded risks from the new U.S. Russia sanctions

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…

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