The Windward Blog

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[Webinar recap] Compliance agenda 2021 - Sanctions- Corporates in the spotlight
Executive education

[Webinar recap] Compliance agenda 2021 – Sanctions: Corporates in the spotlight

Deloitte has been running the Compliance Agenda for over eight years, leading the conversation on the most relevant areas of importance for corporations. This year, the disruption Covid-19 caused, the release of the OFAC and OFSI regulations, the change in U.S. government policies, and the rapid adoption of digitization solutions changed the risk landscape, led…

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Drawing the line on flag hopping
Windward

Drawing the line on flag hopping

The OFAC advisory published in May 2020 threw flag hopping into the spotlight. What went from a lesser-known tactic mainly associated with illegal fishing is now a core tenet of sanctions-related deceptive shipping practices. Nevertheless, flag hopping, unlike AIS manipulations or STS transfers, is left largely undefined and open to interpretation.  To provide actionable intelligence, Windward’s…

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Best practices for mitigating risk along the customer journey
Maritime compliance

[Webinar recap] Best practices for mitigating risk along the customer journey

The financial industry has always been subject to regulations, and therefore, has always had to have systems in place to mitigate risk. Recent advisories from the U.S. and U.K. have set a new standard of expectations and increased the maritime sanctions risk financial institutions are exposed to. The expectations outlined by the OFAC and OFSI…

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The shipping industry faces expanded risks from the new U.S. Russia sanctions
Maritime compliance

The shipping industry faces expanded risks from the new U.S. Russia sanctions

On their face, the new U.S. sanctions look very targeted toward the Russian government. However, when we look closer at the measures, we see the wide-ranging risks they pose to the shipping industry and the sizable challenge maritime actors face to manage the new risk. The new sanctions come in three main prongs for the…

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All roads lead to maritime decarbonization
Maritime innovation

All roads lead to maritime decarbonization

Maritime decarbonization is a growing global concern and a key goal for the maritime ecosystem. With 90% of global trade shipping via sea, roughly 3% of global carbon dioxide emissions in 2012 were generated by the shipping industry. The goals set by IMO to reduce greenhouse gases have made decarbonization a true priority for the…

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Telltale signs a flag is going bad- An analysis of the Cameroonian flag fleet
Maritime security

Telltale signs a flag is going bad: An analysis of the Cameroon flag fleet

In recent months, the flag of Cameroon has been starting to show up in the news leading us to take a deeper look into how monitoring flag registries and vessel flags can preemptively minimize risk and aid governments, flag and port authorities, and even commercial organizations identify flag weaknesses that illicit players and sanctioned regimes…

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[Webinar recap] Maritime risk: a multidimensional approach
Maritime compliance

[Webinar recap] Maritime risk: a multidimensional approach

It’s tempting to look at risk and view it as unavoidable, a force majeure if you will, yet unanticipated does not necessarily mean unavoidable or unmitigable. As the world enters this new age of pandemics, the way organizations operate is likely to change fundamentally. These new risks, alongside ever-evolving existing risks, require a change in…

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[Webinar recap] Enhancing sanctions-related maritime data- Regulatory expectations and practical implications for industries
Maritime compliance

[Webinar recap] Enhancing sanctions-related maritime data: Regulatory expectations and practical implications for industries

The U.S. and U.K. guidance documents released in 2020 identify the entire maritime ecosystem as stakeholders who must step up and “Monitor ships throughout the entire transaction lifecycle; Know Your Customer and counterparty; and exercise supply chain due diligence.”  While the regulators are shifting the burden of responsibility to encompass commercial organizations, the nuances of…

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Maritime security

On sanctions and oil spills

Another day another attempt to circumvent sanctions – this time with ship-to-ship deceptive shipping practices An Indonesian vessel recently picked up two tankers, the MT Freya and the MT Horse, in the middle of a ship-to-ship transfer. The reason? A likely attempt to pass Iranian oil to an unnamed customer in Asia.  Events like this…

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Windward

Anchors in the storm

Netflix said it best: Death to 2020. This time last year, we were looking towards the decade ahead, with personal goals, business aspirations and product developments.  A quick look at my calendar reminded me of a meeting with a strategic partner that took place on January 29th, 2020; COVID was just starting to dominate the…

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Maritime innovation

Unveiling the mystery of Machine Learning

Machine Learning (ML) has been a buzzword in the technological space for years; The idea of a machine improving itself over time, recognizing patterns, and aiding its human counterparts appeals to many industries.  With machine learning, businesses and organizations across a broad scope of industries will be able to analyze larger quantities of data and…

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Maritime compliance

Webinar: Maritime trading and risk analysis in a volatile market

The Venezuelan oil industry, which once served as the country’s major financial resource, is now under additional pressure. Sanctions imposed on the country severely limited its ability to trade the crude oil on which it relied for economic growth. As a result, more and more Venezuelan oil tankers were found to be violating sanctions.  Normally…

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