The European Union has introduced the 15th sanctions package, in its continued effort to address sanctions circumvention and undermine Russia’s military and industrial capabilities. It targets 52 additional ships involved in high-risk activities, including transporting oil, arms, and stolen Ukrainian grain. Escalating Measures Against Russia’s Shadow Fleet The EU’s focus in this sanctions package is...
Windward customers keep winning! A Spanish operation in the Atlantic led to the seizure of 4 tons of cocaine, according to a LinkedIn post from the Maritime Analysis and Operations Centre – Narcotics (MAOC-N). Shared Intel & Operational Plan Lead to Huge Drug Bust The MAOC-N is an initiative by nine EU Member Countries (France,...
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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Risks & Compliance
The EU’s 15th Sanctions Package: Targeting Russia’s Shadow Fleet
The European Union has introduced the 15th sanctions package, in its continued effort to address sanctions circumvention and undermine Russia’s military and industrial capabilities. It targets 52 additional ships involved in high-risk activities, including transporting oil, arms, and stolen Ukrainian grain. Escalating Measures Against Russia’s Shadow Fleet The EU’s focus in this sanctions package is…
Windward customers keep winning! A Spanish operation in the Atlantic led to the seizure of 4 tons of cocaine, according to a LinkedIn post from the Maritime Analysis and Operations Centre – Narcotics (MAOC-N). Shared Intel & Operational Plan Lead to Huge Drug Bust The MAOC-N is an initiative by nine EU Member Countries (France,…
Traditional monitoring methods are being outpaced by sophisticated deceptive shipping practices (DSPs). With over 7,500 vessels exhibiting red-flag behaviors linked to sanctions evasion, as of September 2024, there’s a pressing need for a more advanced approach to maritime domain awareness (MDA) than just the “good vs. bad” vessel paradigm. AI is stepping in to meet…
Generative AI wasn’t just another maritime trend or storyline in 2024. It became THE story for both Windward and the maritime ecosystem. Here’s why…(you’ll want to make it to the bottom of this post to see what 2025 will bring!). Beyond the Buzz Only a handful of organizations had incorporated Generative AI (Gen AI) into…
Discover key 2024 insights with Windward’s Risk and Supply Chain infographic* below. *To download, zoom in, or share, hover over the top right corner and click the three dots that appear. Find Out More
Tackling Location (GNSS) Manipulation with Windward’s Patented Tech
Staying ahead of deceptive shipping practices (DSPs) and global navigation satellite system (GNSS) manipulation isn’t just an operational advantage, it’s a necessity. With high stakes and complex challenges, businesses need cutting-edge solutions they can trust. Location (GNSS) manipulation is expanding rapidly, with an identifiable main geographic hub… Two New Patents Two newly approved patents for…
