S&P Global and the Institute of International Banking Law and Practice (IIBLP) welcome you to a discussion of the key clauses highlighted in the shipping advisory published by the Office of Foreign Asset Control (OFAC) in May 2020. The key themes and topics of this webinar will centre on how OFAC's guidelines can be managed quickly, effectively and successfully in a risk-based approach as part of a sanctions compliance program.

Since the publication of OFAC's Shipping Advisory in May 2020, there has been a concerted effort on the part of financial institutions and others to incorporate the detail of that document into day-to-day workflow and processes. The key elements from the document such as understanding ship-to-ship transfers, monitoring AIS transmission outages, awareness of potential flag hopping activity and the ownership structures behind a vessel are proven to be problematic and complex to manage when working at speed with large transactional volumes. Therefore, remaining compliant with the latest advisory can have an impact on resource, budget and customer experience. The OFAC advisory outlines many new typologies and clauses with an expectation to screen for these red flags. The latest guidelines go beyond a basic vessel name screening policy and in many circumstances require financial institutions to handle and process data that can be complex and challenging to make sense of.

So where does all this extra maritime and trade data fit with financial institutions and how can it be managed appropriately?

During this webinar, the panel will attempt to highlight example approaches to managing vessel screening and how these can be successfully incorporated into a wider program. Scenarios to cover will be; ensuring you track the correct vessel, the use of sanctions clauses and AIS 'always on' clauses, when and where AIS transmission gaps are most important, filtering out acceptable instances of ship to ship cargo transfers and managing and identifying unexpected route divergence.

Featured Speakers

Co-Organizer

Speakers

George Devereese
Risk & Compliance Product Manager, Maritime & Trade, IHS Markit

Ravi Amin
Trade Compliance Subject Matter Expert, Maritime & Trade

Byron McKinney
Associate Director - Product Management, Maritime & Trade, IHS Markit

Andrew Jacobson
Senior Associate, Seward & Kissel LLP