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.
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.
Regulatory changes occur every 0
% of world trade travelling by sea 0
PurpleTRAC screens in under 0
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.
Pole Star are an important partner as Gunvor works to continuously strengthen and refine our compliance controls amidst increasingly complex political realms.
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: