Pole Star Global's Cutting-edge Maritime Intelligence Solution Versus Competitors: Ensuring Compliance Through Four Key Features

Amid Middle East unrest and the Russian-Ukraine war, the maritime industry's regulatory landscape is growing increasingly complex. Assessing operational risks has never before been as crucial for key players in this industry. This need has spurred the development of maritime intelligence software solutions to automate risk management, and address sanctions and compliance.

What is maritime compliance Software?

Maritime compliance software refers to specialised software solutions designed to help maritime companies and organisations ensure compliance with various regulations, standards, and best practices in the maritime industry. These software solutions are tailored to address the unique challenges and requirements faced by maritime businesses, including shipping companies, ports, shipyards, maritime authorities, and regulatory agencies.

Pole Star Global has compared various market solutions, listing the main tasks carried out by compliance professionals, to help those within the industry perform operational risk assessments. Our comparison includes Pole Star Global's PurpleTRAC with other industry-leading technologies, simplifying your decision-making process.

Key:

✓- features provided

X- features not provided

✓- features launching soon/in production

Retrieving valuable information on a vessel and vessel movement with a single click

Pole Star’s PurpleTRAC solution screens vessels to uncover valuable maritime information. This includes ship details such as the vessel’s name, IMO number, flag, type, call sign, port registry, size and weight, registered owner and operator, ship and technical manager, and registered Protection and Insurance Club.

Additionally, vital information on a ship’s movement is provided. This encompasses ports visited and trade routes followed. Pole Star Global’s PurpleTRAC solution tracks the movement of vessels using Automatic Identification Systems (AIS). Periods of AIS disablement and manipulation are flagged in real-time, highlighting dark activity and suspected deceptive shipping practices.

Bill of Lading Verification to deliver the trade insights you need quickly

The Bill of Lading (BL) is a crucial document for carriers, outlining their liabilities, and for shippers to facilitate financial credit from banks.

Traditionally, the verification process for BLs has been manual and time-consuming. Additionally, although finding registered BLs validates trade and logistics, it does not provide key stakeholders with information about the involved parties.

Pole Star Global's PurpleTRAC Bill of Lading verification feature addresses these gaps. Simply input a container shipment's BL number to confirm whether this is a recognized asset within the database of carriers currently supported. Plus, details on vessels, ports visited, and entities involved in the transaction are also provided.

Analytics and intelligence is employed to give accurate screening capabilities

Pole Star Global’s vessel screening capabilities offer improved risk intelligence to mitigate sanctions and non-compliance exposure. Screening capabilities extend to legal entities, plus the data and information of a voyage and the parties involved. This encompasses physical individuals, vessels, ports, and goods.

Sanctions screening utilises data from Dow Jones Risk and Compliance for vessel ownership and management details. Additionally, PurpleTRAC also includes continuous monitoring and investigation features for detecting illicit activities, such as high-risk vessel movements, dark activity, and ship-to-ship transfer risks.

Assess Your Needs to Find Your Best-fit Maritime Intelligence Solution

Compliance is non-negotiable. As the number of maritime sanctions widens, and compliance enforcement tightens, it’s essential for key stakeholders within the industry to move fast and ensure accuracy. Yet, Know Your Customer (KYC) checks, and investigating illicit maritime trading activities can be time-consuming processes that are also prone to human error.

Pole Star Global’s PurpleTRAC solution automates much of these processes for you, ensuring accuracy and giving real-time updates. With regulatory changes occurring every 12 minutes, Pole Star Global ensures you stay ahead of these changes and remain compliant at all times.

Choosing maritime intelligence software that suits your requirements involves understanding your needs and identifying the essential features you seek in a provider. By comparing features across various platforms, you can select the most suitable solutions that deliver value across multiple outcomes.

Request a demo today to explore how PurpleTRAC can be your best-fit maritime intelligence solution.