Maritime fleet monitoring and risk management solution provider, Pole Star, has entered into an agreement with UK-based professional services network provider, PricewaterhouseCoopers (PwC) to assist international trade organisations in managing their legal and regulatory obligations.
Both the companies are collaborating to explore new ways to assist financial services companies involved in maritime trade, including trade finance.
Pole Star will implement its sanctions compliance screening and vessel tracking solution, PurpleTRAC to allow their clients to manage their sanction-related risk and compliance issues quickly and conveniently.
The PurpleTRAC solution scans ships and their associates (associated group beneficial owner, registered owner, operator, ship manager and technical manager) against a comprehensive set of trade compliance lists (including over 400 economic sanctions, embargoes and denied party lists) to generate their current and historical sanctioned status.
It is said to issue a warning that allows the ship to steer away from blacklisted ports, or stops it from sailing into a sanctioned country.
The solution features convenient ‘traffic light’ icons that highlight the severity of the situation, which can be tailored in accordance to the organisation’s business requirements.
Pole Star managing director Julian Longson said: "The PwC Pole Star strategic alliance is a powerful proposition that brings together PwC’s corporate experience and industry knowledge with Pole Star’s maritime intelligence experience and the FinTech innovation of our PurpleTRAC sanctions compliance and risk management product."