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Since the publication of OFAC's Shipping Advisory in May 2020, there has been a concerted effort on the part of financial institutions and others to incorporate the detail of that document into day-to-day workflow and processes. The key elements from the document such as understanding ship-to-ship transfers, monitoring AIS transmission outages, awareness of potential flag hopping activity and the ownership structures behind a vessel are proven to be problematic and complex to manage when working at speed with large transactional volumes. Therefore, remaining compliant with the latest advisory can have an impact on resource, budget and customer experience. The OFAC advisory outlines many new typologies and clauses with an expectation to screen for these red flags. The latest guidelines go beyond a basic vessel name screening policy and in many circumstances require financial institutions to handle and process data that can be complex and challenging to make sense of.
So where does all this extra maritime and trade data fit with financial institutions and how can it be managed appropriately?
During this webinar, the panel will attempt to highlight example approaches to managing vessel screening and how these can be successfully incorporated into a wider program. Scenarios to cover will be; ensuring you track the correct vessel, the use of sanctions clauses and AIS 'always on' clauses, when and where AIS transmission gaps are most important, filtering out acceptable instances of ship to ship cargo transfers and managing and identifying unexpected route divergence.
|Americas||Europe / Middle East||South Asia|
|Carlton Morris, Chief, Sanctions Compliance & Evaluation,
Andrew Jacobson, Senior Associate, Seward & Kissel LLP
Michael Da Silva, Vice President, JP Morgan Chase
Mike Green, Sanctions Advisory, Office of Financial Sanctions
Nathanael Lin, Partner, Rajah & Tann
Select one or more of the following webinars and complete the registration.
Tuesday, October 6
11:00 AM New York
Tuesday, October 13
09:00 AM London
Tuesday, October 27
04:00 PM Singapore