The Royal United Services Institute (RUSI) Maritime Sanctions Taskforce published its second meeting report at the beginning of 2025, offering an in-depth analysis of the evolving dynamics of the shadow fleet. This comprehensive document sheds light on the sophisticated methods employed by the fleet to circumvent international sanctions, particularly those targeting Russia and Iran. For...
The Lesson in DeepSeek’s AI Data Leak… Data security and integrity have always been important, but with the rapid rise of generative AI, they’re now critical across industries. AI-powered insights and automation will only be as accurate, reliable, and effective as the data that is fed into systems and agents. Entrusting sensitive data to autonomous...
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
5 Key Findings & Implications from RUSI’s Taskforce’s Last Report
The Royal United Services Institute (RUSI) Maritime Sanctions Taskforce published its second meeting report at the beginning of 2025, offering an in-depth analysis of the evolving dynamics of the shadow fleet. This comprehensive document sheds light on the sophisticated methods employed by the fleet to circumvent international sanctions, particularly those targeting Russia and Iran. For…
Five Critical Data Security Considerations for Selecting a Maritime AI™ Partner
The Lesson in DeepSeek’s AI Data Leak… Data security and integrity have always been important, but with the rapid rise of generative AI, they’re now critical across industries. AI-powered insights and automation will only be as accurate, reliable, and effective as the data that is fed into systems and agents. Entrusting sensitive data to autonomous…
Webhooks Are Essential for Trading & Shipping: Now They’re Easy to Manage
A single day can mean millions in the trading and shipping (T&S) ecosystem, so staying ahead of risks is a must. But everything seems to be constantly changing, from fluctuating market conditions and geopolitical uncertainties, to evolving regulations and sanctions. Webhooks empower traders and shippers to react to risks in real-time. They deliver real-time alerts…
Here’s How Government Agencies Can Prosper Despite Declining Resources
The U.S. Coast Guard has long contended with personnel shortages. Over a year ago, one of its leaders outlined the issue: “The maritime force is operating with a deficit of about 4,800 members, or nearly 10% of its workforce, and anticipates an even larger shortfall this year due to struggles with recruiting, said Vice Adm….
This week marked the three-year anniversary of the Russian invasion of Ukraine (February 24, 2025). As we’ve discussed at length, the war has driven the emergence of Russia’s shadow fleet, or gray and dark fleets. They are used for smuggling Russian cargo while appearing legitimate, or at least trying to evade detection. As if commemorating…
Gain Control and Optimize Cashflow with a NEW D&D Automation Solution
Detention and demurrage charges are among the most persistent and costly challenges in freight forwarding and supply chains. Forwarders, importers, and exporters operate in a chaotic, high-volume environment with fragmented ecosystems and contracts that differ by carrier, port, cargo type, currency, and customer terms. D&D charges range from $75 to $300 per container, per day. …
