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Accuity trade compliance screening solution has new vessel monitoring capability

GRC Announcements | June 28, 2018

Accuity, a provider of financial crime compliance, payments and counterparty know-your-customer solutions, has released a new vessel monitoring capability, Firco Trade Compliance Ship Enforcement Alerts that enables companies involved in trade finance to track shipping vessels in real-time to ensure they are not in breach of international sanctions. If a vessel should enter a sanctioned zone or port, the company will receive an alert and be able to take action, report suspected breaches of regulation, and protect itself from involvement in any wrongdoing.

In recent months, regulatory regimes have sharpened their focus on institutions involved in financing global trade, requiring them to know not only with whom they trade, but what they are trading, and more specifically whether the trading vessel is sanctioned, or whether it has visited sanctioned ports or anchored in sanctioned waters. In 2017, 4,500 container, bulker, and tanker vessels conducted 30,000 visits to OFAC-...

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