In order to mitigate the risk of money laundering and terrorist financing, and avoid the likely criminal, reputational, and commercial damage that would occur as a result of non-compliance, many organisations with exposures to shipping and cargoes are incorporating ship tracking services into their risk management strategies.
Developed to meet the needs of organisations with exposures to shipping and cargoes, Pole Star?s PurpleTRAC automates complex risk management and compliance procedures in an easy-to-use web-based solution.
More than just ship tracking, PurpleTRAC streamlines compliance, reveals ships? current and past exposure to risk, monitors ships’ movements and provides a tamper-resistant, auditable and verifiable statement of your organisation?s sanctions compliance activity.
Simply enter the details of a ship and PurpleTRAC will automatically screen it and its associates against a comprehensive set of trade compliance lists (including over 400 economic sanctions, embargoes and denied party lists) and Port State Control detention & deficiency lists, monitor its physical movements and continually monitor its exposure to risk.
With PurpleTRAC you can be confident that:
- You are not engaging with sanctioned entities
- You can demonstrate your organisation’s “best efforts” to comply with sanctions
- You are reclaiming your team’s valuable time
- You can provide evidence of your sanctions compliance activities
- Your risk management and compliance activities are under control
- You have access to the most up-to-date and highest quality ship movement data
- You have oversight of your team’s exposures to shipping and cargoes
- You are using a system that has been designed specifically for organisations with exposures to shipping and cargoes