Feb 28th, 2022
For financial institutions, the decision to investigate a client for potential sanctions violations has always been more of an art than a science. And this is even more true when that decision is based on shipping activity.
Since the year 2000, the US Treasury Office of Foreign Assets Control (OFAC) and the UK Office of Financial Sanctions Implementation (OFSI) have issued a range of new guidance for banks and insurance companies regarding maritime sanctions.
Due diligence recommendations have covered everything from identifying commodities and trade corridors where ship-to-ship transfers take place, to tracking the use of automatic identification system (AIS) technology.
So, how can we monitor risky transactions and suspicious vessels, and how can we prevent illegal transfers of goods in high-risk locations?
Joining TFG's Deepesh Patel to discuss is:
- Saskia Rietbroek, executive director, Association of Certified Sanctions Specialists (ACSS)
- Michael Byrne, CEO, Institute of International Banking Law and Practice (IIBLP)