When PurpleTRAC was released in 2014, it was the first solution to incorporate both vessel screening and tracking, enabling users to automate, streamline, and record their regulatory process. Built with and for companies with regulatory exposures in maritime trade and shipping, PurpleTRAC enables maritime trade to be conducted in a safe and compliant manner. As one of the oldest leading names in the UAE remittance market and a pioneer in the industry of UAE money exchange business, Al Fardan Exchange understands that the backbone of the remittance business is driven by more than 150 reputed correspondent banks and agents worldwide. The scale of the industry, combined with the current geopolitical climate and increased focus from regulators, have shone a light on the importance of digitisation within the all-important compliance function.
Al Fardan Exchange has recognised that the organisation’s growth depends on its ability to embrace the latest technologies and comply with local and international AML regulations. By incorporating PurpleTRAC into its internal control system, Al Fardan Exchange has enabled the conduction of enhanced due diligence on corporate client’s shipments, sanctions checks on vessels and ports, and the management of financial, regulatory, and reputational risk.
“I am very pleased that Al Fardan Exchange has entrusted Pole Star to provide essential compliance insight through our vessel screening and tracking service, PurpleTRAC. With regulators now focusing on the entire maritime trade finance chain, ensuring that financial service providers have robust risk management strategies and technologies in place has never been more important. We look forward to providing our services and enabling Al Fardan Exchange’s trade finance decisions.” Julian Longson, Managing Director, Pole Star.