Windward Signs Three Swiss Commodity Traders to Enhance Compliance and Due Diligence Processes
Windward’s Maritime AI™ platform is driving digital transformation in the commodity trading industry by mitigating trade and sanctions compliance risk
LONDON, Sept. 16, 2022 /PRNewswire/ — Windward (LSE: WNWD), the leading Maritime AI™ company, announced today that it has signed agreements with three Swiss commodity trading companies. The companies, involved in the trading of oil and gas, petrochemicals, bulk products, fertilizers, and soft commodities, will use Windward’s platform to enhance due diligence and vessel screening processes, and to mitigate trade and sanctions compliance risk.
The ongoing conflict in Ukraine has brought turbulence to the commodity trading industry with sanctions against Russia evolving on a regular basis. New regulations set by the US, EU, and G7 will create even further complications with price caps set on crude oil starting in December 2022 and oil products in February 2023. These regulations identify and list deceptive shipping practices which are being increasingly used by vessels to evade sanctions.
Since the beginning of the conflict, there has been a drastic increase in Russian vessels engaging in dark activity and using ship-to-ship transfers to transport goods including allegedly stolen Ukrainian grain, making it even more difficult for businesses to ascertain legitimate and ‘clean-conscious’ deals. In light of the new sanctions, all service providers involved in maritime trade ranging from traders to insurers now need a comprehensive awareness of risk related to all entities they do business with.
The three Swiss commodity traders will use Windward’s platform to enhance their due diligence and screening processes to mitigate all maritime related risks including sanctions risk, compliance risk, and risk associated with third parties including customers, vendors, employees, contractors, and others. Windward’s platform analyzes numerous factors including vessel behaviors, ownership structures, company risks, and others, predicting in real-time which companies and vessels are likely to be high risk, and which are safe to conduct business with.
“No matter where in the world a company trades, it’s increasingly becoming more complex and the risks involved are becoming greater,” said Ami Daniel, Co-founder and CEO of Windward. “The upcoming cap on Russian oil prices complicates the process even further, adding more risk factors that traders must look out for including new companies in high risk regimes and abnormal patterns. As sanctions continuously evolve and geopolitical tensions turn into real-life trade issues, companies need the help of advanced technology and AI to efficiently monitor, screen, and vet their business partners to successfully mitigate risk.”
Windward’s Maritime AI™ solution is powered by advanced machine learning and behavioral analytics models, empowering its clients across the government, finance, shipping, energy sectors, and beyond to optimize business practices and efficiently navigate all aspects of maritime risk in real-time.
Windward (LSE: WNWD), a publicly traded company on the London Stock Exchange, is the leading Maritime AI™ company, enabling organizations to achieve business and operational readiness. Windward’s AI-powered solution allows stakeholders including banks, commodity traders, insurers, and major energy and shipping companies to make real time, predictive intelligence-driven decisions, providing a 360° view of the maritime ecosystem and its broader impact on safety, security, finance, business, and the supply chain. For more information visit: https://windward.ai/.