Pole Star is pleased to announce that our regulatory technology, PurpleTRAC, has been recognised in the 2021 Regulation Asia Awards for Excellence as the Best Solution for Trade and Sanctions.
The awards recognise companies and institutions that have shaped the Asia Pacific regulatory landscape, including outstanding projects by large technology firms, innovative startups, and financial institutions that help meet specific regulatory requirements. This year Pole Star is amongst the winners, accredited for our leading sanctions compliance, sustainability screening, and vessel monitoring solution.
With global regulators increasing fines and broadening their focus across the wider maritime industry, not just financial institutions, remaining compliant is becoming increasingly complex. As a result, the entire supply chain must now monitor for sanctions violations, illicit behaviour, and sustainability risk.
PurpleTRAC addresses this requirement by enabling all members of the maritime supply chain to screen vessels, their ownership, and management against global regulations, sanctions, enforcement actions, proprietary, and other official lists in a single solution. Designed with industry experts, the solution enables the automation, streamlining, and recording of compliance processes. With best-in-class data configured to individual risk parameters, PurpleTRAC utilises in-depth transaction information and patented persistent tracking technology for an accurate picture of maritime trade activity and exposure.
The requirement for increased transparency, for companies to know exactly who and what they are in business with, is only becoming more seriously monitored and more seriously penalised, subsequently making solutions like PurpleTRAC critical to any compliance process. And now, with ESG initiatives and environmental regulations coming to the fore, new functionality is being incorporated into PurpleTRAC to create an end-to-end solution for the full spectrum of risks across sanctions, compliance, and sustainability.
Pole Star’s Global Head of Maritime Trade Technologies & ESG, Simon Ring, says, “Firstly, a huge thank you to Regulation Asia for this award, we’re incredibly proud to receive it. While PurpleTRAC is well-established by now, we’re very pleased that our continuous upgrading of the system and its functionality continue to be recognised. It’s worth mentioning that it wouldn’t be possible without our collaborative work with some of our best-industry partners. The additional data and technology that they provide are an essential addition to the solution, and play a key part in our work towards building an end-to-end solution for maritime trade.”
CEO, Julian Longson, says, “At Pole Star we are immensely proud to receive this award in recognition of our work within the Asia Pacific market. PurpleTRAC is a customer-centric SaaS solution, utilising leading technologies with best-in-class data. Our success in this area is a result of our 23 years of in-depth experience in the maritime sector, our long term relationships with key financial and maritime regulators, and crucially, the regional experience of our Asia-based offices, and the alliances we have there.”