Sanctions advisories for the maritime industry

Practical challenges and recommendations for financial institutions regarding the monitoring of AIS outages and suspicious vessel activity.

OFAC's advisory on 'Guidance to Address Illicit Shipping and Sanctions Evasion Practices' of 2020 outlined a number of recommendations for financial institutions to manage risk in relation to shipping. The guidance relating to 'dark' activity and ship-to-ship transfers have been challenging to implement within existing trade finance compliance screening programmes.

ACSS, IIBLP and IHS Markit interviewed a number of banks and others to look at the actions taken by financial institutions in response to the OFAC advisory notice and offer a series of practical recommendations to best manage the new world of shipping risk.

DOWNLOAD WHITEPAPER

LISTEN TO THE PODCAST

Join us in a complimentary webinar Managing Shipping Risk for Trade Finance on 7 March at 11am EST, where the discussion will include this whitepaper outlining recommendations for financial institutions to comply with OFAC guidelines relating to shipping. Click here to register.

A collaboration with:

Contacts

Byron McKinney Director, IHS Markit, byron.mckinney@ihsmarkit.com

Saskia Rietbroek CSS, Executive Director, Association of Certified Sanctions Specialists (ACSS), srietbroek@sanctionsassociation.org

Michael Byrne CEO, International Institute of Banking Law & Practice (IIBLP), mbyrne@iiblp.org

Dr. Gina Balta Ph.D., Product Management Principal, IHS Markit, gina.balta@ihsmarkit.com

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Posted 25 February 2022 by Byron McKinney, Product Management Director, Maritime, Trade & Supply Chain, S&P Global Market Intelligence