With an increasing number of financial institutions being fined by regulators for AML and sanctions compliance failures, it is more important than ever for financial institutions to adopt the most efficient and reliable technology solutions to assist with their compliance endeavours.
In order to streamline their compliance processes, BLME were looking for a system that could screen a vessel and all its associated companies for sanctions, and confirm the vessel’s port movements.
In August 2015, the Bank of London and The Middle East (BLME) implemented Pole Star’s PurpleTRAC regulatory technology systems to streamline and enhance their existing compliance process.
"PurpleTRAC is a convenient and user-friendly system. When we receive a Bill of Lading, we screen the vessel with PurpleTRAC and obtain all the information we need within one minute. This gives us the full history of the vessel’s movements and highlights any countries that match our sanctions list, and undertakes other sanctions checks where further investigation is needed."
Chris Coutinho, Manager, Trade Finance Operations BLME