Manage regulatory risk with a single point sanctions screening and vessel monitoring solution
Track vessels and safeguard your domain with our complete vessel investigation and monitoring platform
A convenient, secure, and user-friendly web-based LRIT Conformance Test service
The sanctions landscape, inherently guided by the state of global affairs, has never been more complex and rapidly evolving. With regulators now focusing on the entire maritime trade supply chain, ensuring that proper due diligence and risk management processes are in place has never been more important.
Regulatory risk can be associated with all aspects of a trade transaction: the goods being traded, the origin of the goods, the buyers and sellers, the cities and ports along the shipping route, and the shipping vessels themselves.
Designed with and for companies with regulatory exposures in maritime trade and shipping, PurpleTRAC enables the automation, streamlining, and recording of your regulatory processes and mitigates the risk of money laundering and terrorist financing, alongside the criminal, reputational, and commercial damage that would occur as a result of noncompliance.
PurpleTRAC is used by major international trade financing banks, trading companies, governments and flag administrations, maritime insurers, ship financing and leasing companies, and other members of the supply chain to demonstrate best efforts in compliance, all within an easy-to-use, web-based solution with API and DLT node application availability.
As a single service solution, incorporating best in class data and sanctions watch-lists, PurpleTRAC is a new advanced method of dealing with regulatory risk and sanctions in the maritime transportation sectors. Users are able to configure their own unique risk parameters to generate accurate results in seconds, saving time and money, while producing that all-important audit trail. And now, with the new Bill of Lading Verification module, PurpleTRAC customers can significantly extend their sanctions risk and compliance investigations.
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Screen a ship and its associated ownership and management against country and sanctions lists using best-in-class data from our alliance partners, Dow Jones Risk and Compliance.
Monitor the movement of multiple ships on a continuous or voyage-based basis:
Generate incorruptible automated reports for audit and verifiable demonstration of best efforts.
Our Bill of Lading Verification (BLV) module allows PurpleTRAC customers to significantly extend their sanctions risk and compliance investigations.
By simply entering the bill of lading number of a container shipment, PurpleTRAC will confirm whether this is a recognised asset within the database of carriers currently supported and then provide a list of all the vessels involved in the delivery of this BL, all ports visited, and all carriers involved in the transaction.
At this point, the relevant vessels will pass through PurpleTRAC’s unique vessel screening capability to ensure they meet their specific sanctions compliance requirements.
All BL searches will be recorded and saved to allow our users to trace and prove their due diligence steps.
Submit our Get in Touch form at the bottom of this page, or email us at sales@polestarglobal.com to learn more.
We have been using PurpleTRAC since August 2019. It is easy to use and we are able to use the generated report as a record of the checks done. PurpleTRAC has reduced the need to do separate checks for most cases by consolidating the information and Dow Jones checks in one place.
Wei Yen Yip Global Head of Compliance, Bunker Holding Group
Pole Star are an important partner as Gunvor works to continuously strengthen and refine our compliance controls amidst increasingly complex political realms.
Oliver Haynes Director of Compliance, Gunvor Group
...using the PurpleTRAC system and with support from Pole Star, our Compliance Officers can assess the movement of goods faster and more easily. They can therefore make quicker decisions, minimising the bank's and our customer's risk of breaching international sanctions.
Madalina Titiriga Head of Compliance, First Bank
Dow Jones’ RiskCenter Trade Compliance allows users to conduct routine checks on all key aspects of a transaction to ensure compliance with sanctions and dual use goods regulations. Trade Compliance now includes access to PurpleTRAC for a more complete view of regulatory risks faced by organisations with exposures in maritime trade.
RiskCenter Trade Compliance Features:
Since partnering with the global trade finance technology provider, TradeIX and the Marco Polo Network, in January 2020, Pole Star’s regulatory technology, PurpleTRAC, has been brought to the Marco Polo Network.
The collaboration enables the advancement of cross-border trade compliance, while facilitating the streamlining of maritime transactional processes and the securing of sensitive data. Our joint solutions include:
Learn more about the partnership and solutions here.
Pole Star partnered with carbon accounting solutions provider, CarbonChain, to tackle Greenhouse Gas Emissions in shipping by enabling industry access to ESG-based compliance.
With CarbonChain’s best-in-class GHG emissions calculation tool, companies can easily measure their GHG emissions and incorporate this data into financial reporting and sustainable trade finance programs.
By incorporating CarbonChain’s emissions calculations on over 76,000 vessels into PurpleTRAC, users can screen and track a vessel's emissions in seconds.
Learn more about our collaboration here.