Dow Jones Risk and Compliance has joined Pole Star to bring a comprehensive view of the regulatory risks faced by maritime trade organisations.
As a result of the collaboration, users of Dow Jones’ trade compliance solution can use Pole Star’s PurpleTRAC software to access additional intelligence for vessel screening and monitoring.
PurpleTRAC offers a vessel’s complete voyage history as well as screening checks for advanced auditing, combining transponder signals with Inmarsat Satellite tracking.
Dow Jones Risk and Compliance general manager Guy Harrison said: “Assessing the risk associated with a trade transaction, from the goods themselves to the vessel and counterparties involved, is increasingly important given regulatory pressures around international trade.
“By combining Dow Jones’ highly structured sanctions and dual-use goods content with Pole Star’s vessel screening and monitoring technology, we are confident that this collaboration will set a new standard in guarding against financial crime in maritime trade.”
Using Dow Jones’ trade compliance solution, companies can analyse risk about dual-use goods, trade counterparties, vessels and sanctioned cities and ports.
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Dow Jones’ trade compliance solution offers coverage of all major export control regimes such as the Wassenaar Arrangement, the Chemical Weapons Convention and US Commerce Control List.
Pole Star managing director Julian Longson said: “The PurpleTRAC solution has helped many organisations exposed to shipping achieve best practice in sanctions compliance in an efficient and cost-effective way.
“As we strive to make maritime trade safe and compliant, forming this mutually beneficial partnership with Dow Jones – the world leaders in third-party risk management and regulatory compliance solutions – is an exciting next step for us.”