High-profile attacks on critical maritime infrastructure suddenly seem to be occurring one after the other. These acts of undersea sabotage are a new type of “gray warfare.” They can do tremendous damage, but are often opaque and offer plausible deniability for the perpetrators. Recent examples of cables damaged by anchors in the Baltic Sea and...
Has American President Donald Trump launched a trade war? How will his latest moves affect your organization? And what can you do to remain prepared for the coming impact on the global supply chain and changing trade routes? A Quick Recap Things are changing so quickly, it’s hard to keep up! First, President Trump backed...
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.
High-profile attacks on critical maritime infrastructure suddenly seem to be occurring one after the other. These acts of undersea sabotage are a new type of “gray warfare.” They can do tremendous damage, but are often opaque and offer plausible deniability for the perpetrators. Recent examples of cables damaged by anchors in the Baltic Sea and…
Has American President Donald Trump launched a trade war? How will his latest moves affect your organization? And what can you do to remain prepared for the coming impact on the global supply chain and changing trade routes? A Quick Recap Things are changing so quickly, it’s hard to keep up! First, President Trump backed…
This Undersea Infrastructure Capability Was Called “Invaluable” During a Masterclass
Recent events in the Baltic and Northern seas highlight the growing vulnerability of critical undersea infrastructure systems and the geopolitical complexities tied to their security. These critical lifelines are under increasing threat. With damage – both accidental and deliberate – on the rise, the fragile nature of this infrastructure is coming into sharper focus. This…
The “Gemini Cooperation” Collaboration is Going Live. Ready?
Hapag-Lloyd and Maersk agreed to form a new operational collaboration named “Gemini Cooperation.” It will commence in February 2025. “The ambition is to deliver a flexible and interconnected ocean network with industry-leading reliability,” according to Maersk. “Gemini Cooperation will cover seven trades and offer 57 services including mainliner and dedicated shuttle services, complemented by feeder…
Geopolitical tensions, technological shifts, and supply chain volatility are persistent challenges, forcing organizations to rethink their strategies. But with every challenge comes opportunity. Based on insights from Windward’s 2025 Top Trends in Global Trade report, this blog post explores how those who can anticipate and adapt to disruptions – whether due to shifting trade routes,…
OFAC’s Bold Move to Disrupt Russian Energy Exports
The U.S. Treasury’s Office of Foreign Assets Control (OFAC) has issued sweeping sanctions against over 180 vessels and 170 companies connected to Russian energy exports, shadow fleet operations, maritime insurance, and oilfield services. These actions are part of a broader effort to disrupt Russia’s revenue streams and target networks that enable sanctions evasion. The implications…
