Deceptive shipping practices are tactics employed by bad actors to avoid detection and possible sanctions. But why are maritime stakeholders under the spotlight? The reason that regulators continuously shift increasing responsibility on due diligence towards the maritime ecosystem is because shipping plays a significant role in the global supply chain. This fact hasn’t been overlooked by regulators, as they. The recent advisory from U.S. authorities has, for the first time, detailed the responsibilities and expectations that private businesses connected to the maritime sector must adhere to.
OFAC numbered seven deceptive shipping practices that should be part of an effective compliance process. But simply knowing about them is not enough. How do you identify deceptive shipping practices with traditional matching tools? Well, you can’t. Bad actors today have become experts of their craft and the only way to keep up is with dynamic, AI-powered tools.
As trade sanctions increase, knowing which vessels you can safely do business with is of growing importance across the wider business environment. Today, it is not enough to “Know Your Customer” (KYC); you need to “Know Your Vessel” (KYV). And only strong tools are capable of identifying real-time risk factors at the vessel level.
We recently published a guide on exactly what executives need to know when it comes to deceptive shipping practices. Below are some key takeaways:
New decade, new standards – recent advisories published by U.S. and U.K authorities have raised the bar for players across the supply chain
Goodbye matching tools – Identifying deceptive shipping practices is drastically different from traditional sanctions list screening.
By analyzing vessel behaviors, organizations can proactively identify counterparties that may expose them to sanctions risk.
A sophisticated regulatory environment calls for a sophisticated solution. So what should you do? Onboard more tools and train more staff? The resulting costs and resources, without necessarily more accuracy, can outweigh the benefits. To help our partners manage at risk at scale, Windward automatically vets risk, while accounting for hundreds of risk factors in real-time.
Get the guide to learn more.
Featured posts
Risks & Compliance
The Hodeidah Attack Temporarily Changed Shipping & Risk…Here’s How (Weekly Roundup)
Windward made sure to quickly get you up-to-date on the Hodeidah port attack and its implications for the maritime and supply chain ecosystems. Now let’s go deeper and see the numbers behind rising dark activities and an increase in the daily average of anchoring operations in Port Said’s port waiting area (showing vessels may be…
Crowdstrike IT Outage Spotlights Ports’ Cybersecurity Readiness
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Effective Usage of Unmanned Systems is Dependent on… Oceans are vast, there are hundreds of thousands of vessels at sea, and security threats rapidly evolve and change. With too much sea, ground, and air to cover, and limited resources available to law enforcement and defense agencies, achieving effective and actionable maritime domain awareness (MDA) is…
The Dark Side of AIS: Staying Ahead in a Sea of Spoofing
How We Got Here Automatic identification systems (AIS) are crucial maritime technologies designed for vessel tracking and collision avoidance. They transmit a ship’s identity, position, speed, and voyage details to other vessels and monitoring stations, mainly for the prevention of illegal occurrences and collisions at sea. The systems’ integrity was quickly compromised, though. Bad actors…
Crowdstrike Outage & Hodeidah Attack: the Supply Chain is Quickly Disrupted
Last week’s events once again proved how quickly the global supply chain can become unlinked, if only temporarily (this time). Container terminals at ports around the world were shut down following the Crowdstrike global IT outage. Some companies operating at these ports were also affected. Oil facilities and a power station near Hodeidah port in…
How Severe Weather Changed the Supply Chain – Maritime Global Trade Roundup
Severe weather conditions near the crucial Cape of Good Hope seriously slowed container traffic this week and Hurricane Beryl also had a global impact. Two Windward insights show the power of weather events: Windward can help you better understand the impact of weather on maritime shipping, empowering you to proactively plan for delays and disruption….
The Journey to Success: Celebrating Windward’s 200th Customer Milestone
Windward is proud to announce a significant milestone in our journey: reaching 200 customers. The success we have achieved for and with our ocean freight, trading and shipping, and government customers stems from our ability to provide innovative technology and services that produce AI-powered, actionable insights. Customers choose Windward and then stay with us for...
Webinar: Russia’s Invasion Impact on Maritime Deception and Ecosystem
Windward’s webinar brought together a diverse group of experts to cut through the noise around the impact of Russia’s war on the diverse maritime ecosystem. Exclusive data from Windward’s Maritime AI™ platform, along with insights from the industry-expert guests, enabled the sharing of unique perspectives. The webinar was filled with actionable tactics and ideas that...
Navigating deception: the impact of Russia’s invasion on the maritime ecosystem
Windward’s webinar brought together a diverse group of experts to cut through the noise around the impact of Russia’s war on the diverse maritime ecosystem. Exclusive data from Windward’s Maritime AI™ platform, along with insights from the industry-expert guests, enabled the sharing of unique perspectives. The webinar was filled with actionable tactics and ideas that...
By Irit Singer, Chief Marketing Officer, Windward 2022 was the year that the maritime ecosystem collectively realized that there is simply too much raw data for manual parsing and the landscape changes too rapidly. The world seemed to go crazy: Coronavirus and closures…war, sanctions, and a price cap…new deceptive shipping practices…plummeting ocean freight prices and...