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...
Incoming American President Donald J. Trump has long said he will impose sweeping tariffs on goods imported from China, but recently he also vowed 25% tariffs on China and Mexico. Will Trump’s tariffs transform trade routes and the global supply chain? Quantifying the Present to Understand the Future Windward looked at monthly port calls by...
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.
Featured posts
Risks & Compliance
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…
Incoming American President Donald J. Trump has long said he will impose sweeping tariffs on goods imported from China, but recently he also vowed 25% tariffs on China and Mexico. Will Trump’s tariffs transform trade routes and the global supply chain? Quantifying the Present to Understand the Future Windward looked at monthly port calls by…
Sometimes you read an article about your industry and think, “Yes. THIS!” Politico’s “Private companies need to get better at monitoring threats” article really hit the nail on the head regarding underwater infrastructure and the overall maritime risk landscape. This is a hot topic following the damage to two underwater cables in the Baltic Sea…
The global supply chain and logistics industry isn’t innovating fast enough. That was one of the main takeaways from last week’s Global Freight Summit, a gathering of industry leaders, innovators, and forward-thinkers shaping the future of freight and logistics. Windward was thrilled to attend, contributing to discussions and absorbing valuable insights from panels, presentations, and…
Maritime Domain Awareness in the Age of Data Overload
As global maritime operations expand, maritime domain awareness (MDA) is essential for safeguarding international waters. Maintaining effective MDA is increasingly challenging, with massive amounts of data generated every second – from automatic identification systems (AIS) to port calls and ship-to-ship meetings. The need for comprehensive, actionable insights is necessitated by an ocean of information, with…
Unique Insights on the Nearly 400 Iran-Linked Vessels Flagged by EIA
TLDR: Iran’s Billions in Oil Exports Worrisome trends were revealed in the U.S. Energy Information Agency’s (EIA) first report about Iran’s petroleum exports, as required by the Stop Harboring Iranian Petroleum (SHIP) Act. According to the non-partisan Foundation for Defense of Democracies (FDD): “The report found that between 2021 and 2023, Tehran sold $144 billion…
