Office of Foreign Assets Control's (OFAC) advisory on ‘Guidance to Address Illicit Shipping and Sanctions Evasion Practices’ of 2020 outlined a number of recommendations for financial institutions to manage shipping risk. 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.
Learn more about Market Intelligence
Request Follow UpNo content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor's Financial Services LLC or its affiliates (collectively, S&P).