Accuity adds vessel alerting and tracking to screening solution
Latest news
Accuity adds vessel alerting and tracking to screening solution 06 June 2018Singapore Reporter: Jenna Lomax
Image: Shutterstock
Accuity has launched a new vessel monitoring capability, Firco Trade Compliance Ship Enforcement Alerts (SEA), which is expected to further enhance its screening solution.
Firco Trade Compliance SEA will allow organisations 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 organisation will be alerted and able to take action, report suspected breaches of regulation and protect itself from involvement in any wrongdoing.
The solution integrates global automatic identification system vessel movement content provided by IHS Markit, within the Firco Trade Compliance workflow to provide an accurate, reliable and real-time notification system to monitor a vessel and its global port calls.
It will enable Accuity customers to identify potential risks in relation to vessel shipments, as well as screening for sanctioned entities and dual-use goods efficiently within a single interface.
In recent months, regulatory regimes have placed renewed focus on institutions involved in financing global trade, requiring them to know not only who they trade with, but what they are trading.
Accuity’s new vessel monitoring capability has been developed in response to this growing regulatory pressure for banks to intensify their efforts to fight financial crime and trade-based money laundering.
Byron McKinney, trade compliance product lead at Accuity, said: “International trade finance has been in the spotlight as a means for criminal organisations and terrorist financiers to launder money, and now banks are under intense pressure from regulators to avoid proliferating the financing of such individuals or entities associated with money laundering, terrorism, bribery and corruption.”
He added: “Our customers are looking for a single screening solution that can provide them with the confidence to accurately detect risks involved in a shipment or trade, and thereby open up opportunities for business which might otherwise be overlooked.”
“Our enhanced trade compliance solution brings together proprietary data, on-the-ground intelligence and regulatory expertise to give a comprehensive single view of risk in real-time, throughout the lifecycle of a trade. Firco Trade Compliance SEA is designed to run passively in the background and alert any vessel red flags as they happen, rather than requiring banks to actively search for suspicious vessel activity.”
NO FEE, NO RISK 100% ON RETURNSIf you invest in only one asset servicing news source this
year, make sure it is your free subscription to Asset Servicing Times
Image: Shutterstock 