Over the past couple of years, it has become increasingly clear that those involved in maritime trade must aim for greater transparency when identifying who and what they are working with. The vulnerabilities within global supply chains have become ever more apparent, with regulators specifically targeting the wider maritime industry to reduce illicit shipping practices and sanctions evasion techniques. These issues no longer concern only banks and financial institutions, they affect ship owners, operators, managers, charterers, brokers, flags, ports, shippers, freight forwarders, commodity traders, insurers, and every other player within the supply chain too.
Pole Star’s regulatory technology, PurpleTRAC, was designed with and for those with exposure to maritime trade and, as that group and the regulatory focus on it has grown significantly, so have the functions of the platform.