The sanctions landscape, inherently guided by the state of global affairs, has never been more complex and rapidly evolving. With regulators now focusing on the entire maritime trade supply chain, ensuring that proper due diligence and risk management processes are in place has never been more important.
Regulatory risk can be associated with all aspects of a trade transaction: the goods being traded, the origin of the goods, the buyers and sellers, the cities and ports along the shipping route, and the shipping vessels themselves.
Designed with and for companies with regulatory exposures in maritime trade and shipping, PurpleTRAC enables the automation, streamlining, and recording of your regulatory processes and mitigates the risk of money laundering and terrorist financing, alongside the criminal, reputational, and commercial damage that would occur as a result of noncompliance.
PurpleTRAC is used by major international trade financing banks, trading companies, governments and flag administrations, maritime insurers, ship financing and leasing companies, and other members of the supply chain to demonstrate best efforts in compliance, all within an easy-to-use, web-based solution with API and DLT node application availability.
As a single service solution, incorporating best in class data and sanctions watch-lists, PurpleTRAC is a new advanced method of dealing with regulatory risk and sanctions in the maritime transportation sectors. Users are able to configure their own unique risk parameters to generate accurate results in seconds, saving time and money, while producing that all-important audit trail. And now, with the new Bill of Lading Verification module, PurpleTRAC customers can significantly extend their sanctions risk and compliance investigations.
Screen a ship and its associated ownership and management against country and sanctions lists using best-in-class data from our alliance partners, Dow Jones Risk and Compliance.
- Global Sanctions: A list of international sanctions, denied parties, and enforcement action lists.
- Country Sanctions: A ship’s Flag and associated companies’ countries of registration domicile and control.
- Port State Control: The ship’s entire Port State Control history.
- Ship Movement History: A ship’s historic movements, highlighting visits to high risk or sanctioned ports.
Monitor the movement of multiple ships on a continuous or voyage-based basis:
- Daily screening: Automatic daily re-screen of ships and associated companies.
- Detection & Alerts: Notifications for high risk activity, e.g. entry to blacklisted port.
- Hybrid Track Technology: A single trail combining AIS and Inmarsat position data.
Generate incorruptible automated reports for audit and verifiable demonstration of best efforts.
- Customisable features: Bespoke screening parameters, e.g. country/port blacklists.
Bill of Lading Verification
Our Bill of Lading Verification (BLV) module allows PurpleTRAC customers to significantly extend their sanctions risk and compliance investigations.
By simply entering the bill of lading number of a container shipment, PurpleTRAC will confirm whether this is a recognised asset within the database of carriers currently supported and then provide a list of all the vessels involved in the delivery of this BL, all ports visited, and all carriers involved in the transaction.
At this point, the relevant vessels will pass through PurpleTRAC’s unique vessel screening capability to ensure they meet their specific sanctions compliance requirements.
All BL searches will be recorded and saved to allow our users to trace and prove their due diligence steps.