For financial institutions, the decision to investigate a client for potential sanctions violations has always been more of an art than a science. And this is even more true when that decision is based on shipping activity.
Since the year 2000, the US Treasury Office of Foreign Assets Control (OFAC) and the UK Office of Financial Sanctions Implementation (OFSI) have issued a range of new guidance for banks and insurance companies regarding maritime sanctions.
Due diligence recommendations have covered everything from identifying commodities and trade corridors where ship-to-ship transfers take place, to tracking the use of automatic identification system (AIS) technology.
So, how can we monitor risky transactions and suspicious vessels, and how can we prevent illegal transfers of goods in high-risk locations?
Joining TFG's Deepesh Patel to discuss is:
- Saskia Rietbroek, executive director, Association of Certified Sanctions Specialists (ACSS)
- Michael Byrne, CEO, Institute of International Banking Law and Practice (IIBLP)
Read more: https://www.tradefinanceglobal.com/posts/podcast-s1-ep78-ships-sanctions-and-suspicious-vessels-how-ais-and-other-trickery-is-confounding-compliance/
Islamic finance guru Daud Vicary on fintech, sustainability, and other engines of growth
‘Open by default’ - Finastra’s Iain MacLennan on partnerships, digitalisation, and helping SMEs triumph in uncertain times
Bent but not broken? TDM’s John Miller on global trade resilience as we say goodbye to COVID-19, and hello to war in Ukraine
EBRD’s Rudolf Putz on delivering trade finance to emerging markets during COVID-19, and looking to a greener future
What does the future hold for LNG?
U-shaped recovery - ICISA’s Richard Wulff on trade credit insurance and its bounce back from the pandemic
Getting SaaS into surety and credit insurance - Tinubu’s co-founder talks insurtech
Pole Star, CarbonChain partnership delivers single-service sustainability, compliance solution
Sibos special: BAFT’s Tod Burwell, on the last century of trade and transaction banking
The evolution of SWIFT
Italy perspective - The future of open banking: automatic IBAN, PSD2 and APIs
Digitising trade: the time is now
The freight crisis: HGV driver shortage, shipping blockages and the digital future of freight
WOA Insights: Receivables rebounding and the role of open account finance post COVID-19
Chief Economist insights: are iron ore prices propping up global trade?
ICC Banking Commission’s Lynn Ng on the need to simplify trade
Electronic Documents and English Law: the roadmap to digital trade documents
Sanctions: Rolls Royce, on the tactical complexities of voluntary reporting
Trade Finance Week presents: African Trade - Digitalisation, Compliance and Sustainability - Standard Bank and Afreximbank
Create your
podcast in
minutes
It is Free
The Commercial Edge: Unleash the Power of People
The emPOWERed Half Hour
HCI Leadership Revolution
Human Capital Leadership
The Power of Music Thinking
BusinessWISE
Business Wars