The global maritime supply chain connects all individuals, companies, and organisations associated with international trade and shipping. While the breadth of players involved is far-reaching, many of the risks they face during a trade transaction are similar. By exploring how a ship can be monitored from various perspectives, it is possible to identify the types of risks each player faces, alongside how they can ultimately mitigate them using Pole Star’s Maritime Domain Awareness (MDA) solution.
Since the emergence of the COVID-19 pandemic, it has become increasingly clear that ensuring the smooth-running of the maritime supply chain is critical to businesses and livelihoods worldwide. Therefore, all stakeholders, from ship owners and operators, to governments, flag administrations, port authorities, banks, and financial services, share the common goal of upholding a safe, secure, and compliant operating environment to maintain business continuity.
Over the past couple of years the maritime world has changed significantly, in parallel with the regulatory landscape. With international sanctions being inherently guided by the state of global affairs, increased concerns regarding countries such as Iran, North Korea, Venezuela, and Syria have determined a crackdown on illicit activities. As such, global regulators have now placed the entire maritime supply chain under the spotlight to monitor sanctions violations and evasion techniques.
Consequently, no company is exempt from the criminal, reputational, or commercial damage that would occur as a result of noncompliance. This has highlighted the need for companies and individuals to ascertain exactly who and what they are in business with, to ensure they have no connection with money laundering or terrorist financing. As such, monitoring a trade transaction, by screening and tracking a vessel and its associated management and ownership, is now essential due diligence.