SOCAR Trading implements PurpleTRAC for its vessel compliance program

In October 2014, SOCAR Trading identified an opportunity to improve and streamline its compliance processes. When it came to sanctions compliance and due diligence for ships, SOCAR identified four key challenges to address and they set out to find and implement a technology solution that would give them the ability to screen ships before a voyage, track ships during their voyages and report on the due diligence performed on-demand, at any time of the day or night.

SOCAR Trading turned to Pole Star's PurpleTRAC screening and sanctions compliance solution. With PurpleTRAC, SOCAR Trading are able to manage sanctions compliance and due diligence throughout the full lifecycle from pre-charter sanctions screening to post-voyage risk analysis.

The benefits that SOCAR Trading has realised from their investment in Pole Star’s PurpleTRAC screening and vessel monitoring solution include more than USD $500,000 worth of savings and the ability to screen a ship in less than 30 seconds.

In this case study, you will learn:

  • Challenge: About the challenge SOCAR Trading set itself to implement the latest technology for its vessel compliance programme
  • Solution: How and why they chose PurpleTRAC for its vessel compliance programme
  • Results: How they are using PurpleTRAC to manage sanctions compliance and due diligence throughout the full lifecycle from pre-charter sanctions screening to post-voyage risk analysis
  • Benefits: How SOCAR have saved more than USD $500,000 with PurpleTRAC.