In partnership with the leading maritime consultancy Thetius, this webinar brought together experts in the maritime sanctions and compliance field.
In a highly informative session, you can view the discussion on the compliance landscape and how companies can leverage technology to assist in risk mitigation.
Learn more about the rapidly developing landscape of maritime sanctions compliance.
Inside the MCaaS Compliance report in partnership with Thetius, you’ll discover:
Against the backdrop of the war in Ukraine, this advisory is intended to provide our customers with a brief roundup update on developments we have seen in the insurance rules and policy coverages of P&I clubs in response to the heightened environment surrounding sanctions.
The complexity of international sanctions regimes is impacting several global industries. In the maritime industry, many insurers and underwriters are seeking to limit sanctions risks through the implementation of programs that drive compliance with global sanctions regimes.
1. Trade compliance and sanctions are rapidly changing and are often misaligned and conflicting. This usually requires huge investments in human resources, technology, and data.
2. Enormous data volumes usually means additional workload and increased opportunities for error and oversight. It’s an expensive process to examine massive quantities efficiently in a short period of time.
3.High-quality data is difficult to access, and cleaning and validating data is time-consuming. Modern maritime businesses need access to high-quality data rapidly to ensure they’re making informed and cost-effective decisions.
4.A lack of fit-for-purpose platforms means compliance teams are forced to jump between multiple services, pages, and providers. This increases the risk of human error as users become fatigued with complicated systems.
WHICH COMBINE TO CAUSE: Long, complex, and frustrating compliance checks for maritime companies.
We can help.
By leveraging Marcura’s decades of expertise, we reduce the burden of due diligence for compliance teams.
The result is a specialised managed service that enables maritime companies to reduce their risks.
Making maritime compliance easier and more cost-effective for you.
MCaaS CORE is our easy-to-use self-serve platform designed to reduce the burden of compliance and turnaround time by automating the compliance process.
It offers both individual and continuous screening, alongside hit/alert detail notifications for any data/screening changes.
The dashboard has built-in reporting functionality to help you manage requests for due diligence and visualise data changes for periodic review.
53
Customers in 53 countries
60-strong
Compliance team
650+
Customers
Nearly 800
Global team members
2001
Established
Marcura’s CEO Jens Poulsen describes our compliance solutions (including MCaaS) which help customers navigate regulations as they change day by day.
Also how important is it that Marcura does it by the book and why this is so important to our customers.
Mitigate risk – we extract, clean, enhance, and validate all data on your counterparties, commodities, and vessels to help eliminate false positives and errors before screening.
Better cost-efficiency – no start-up fees, minimum monthly fees, or volume commitments means you’re only paying for what you use, all while reducing the cost of working hours and high-cost in-house experts.
Reduce hassle – our dedicated team of specialists screen daily, to give you in-depth reports at the touch of a button. Save time and leave it all to us!
Arms-length solutions – our reports are designed purely to empower you in decision making by giving you the facts, not to sway your opinion one way or the other. You choose what you want, and that’s all you’ll see.
An end-to-end platform – you get an easy-to-use platform that offers a single source for everything you’ll need; so no more switching services and confusing compliance checks!
MCaaS verifies data prior to screening by checking spellings, abbreviations, locations and aliases (for instance, your counterparty may be using a trading name). In doing so, MCaaS can minimize false positives and reduce the risk of failing to screen a sanctioned entity altogether.
MCaaS checks the routes and hidden “in transit” data. MCaaS can work with customers to optimize a process for second-level validation and screening.
Though counterparties may have been screened when they were originally entered into your system, because addresses, ownerships and other details can change, they need to be kept up-to-date. MCaaS re-screen your counterparties and white-listed cargoes every 24 hours.
Using a third party to deliver screening solutions at “arm’s length” can help prove to authorities that you have exerted your best efforts in strengthening your sanctions compliance program.
MCaaS can conduct single and batch screenings and maintain customer-specific whitelists to produce a personalised experience that meets your compliance needs. Our due diligence reports provide details on owners, business associates, and trading profiles.
MCaaS screens against the lists of the US, UN, EU and other countries, as well as our customers’ internal watchlists.
MCaaS developed an extensive database and an enhanced validation process for trade compliance. This means MCaaS can screen against a range of restrictions lists and customer-specific watchlists, which are regularly updated.
When screening cargo descriptions, MCaaS uses the HS code and other identifiers (like the CAS Number, TARIC code, etc.), in addition to the UN/LOCODE which is used to check the routes.
Through its processes, MCaaS is able to extract unstructured commodity descriptions and data from booking files, flag missing or incorrect HS codes, and match commodity descriptions with the proper HS codes. MCaaS can act as your extended Trade Compliance Team and handle second-level screening by gathering necessary documentation to clear flagged items.
The risks and complexities of global maritime shipping require that due diligence be conducted on vessels.
A vessel that is owned, controlled or operated by a sanctioned party or one that has been identified as engaging in illicit activity can bring with it exposure to criminal liability, potential fines and reputational damage.
MCaaS customers use our services to verify the flag, recent history of vessel movement or ports visited, and current and historic ownership of vessels. MCaaS also screens the vessel name, IMO number, and parties associated with the vessel against sanctions and other regulatory watchlists.
Shipping and the regulatory demands around it change daily. And this is no small matter as over 90% of global trade is carried by sea – often involving a complex web of interactions.
For due diligence and trade compliance purposes, every relevant company, person, vessel and cargo in this complex web should be continuously checked against ever-growing rules and lists of restricted parties.
For many businesses, trade compliance can be daunting and can require huge investment in human resources and technology. Even then, due to the volume of data to be screened, the scope for error and oversight is always high.
This is why Marcura launched MCaaS: to provide customers with robust screening services for export controls and sanctions compliance.
We deliver sanctions compliance as a manned back office service to our customers, supporting their in-house compliance team. We combine shipping knowledge with a focused specialisation in sanctions compliance and utilise shipping-related data and applications in addition to regulatory-specific tools.
With MCaaS, you have a dedicated team focused on helping you reduce the administrative burden related to export controls and sanctions compliance for commodities, counterparties and vessels.
MCaaS services include a range of combination screenings, data and tools to reduce your overall risk.
MCaaS can tailor its services according to the needs of the customer. All screenings are delivered according to customer-specific guidelines and instructions and within agreed auditable SLAs.
MCaaS’ data collection process is robust, drawing from multiple sources (such as contacting counterparties and open domains). The data is managed with technical disciplines that ensure you have correct, accurate data as and when you need it, and mitigating the risk of human error through a distinct, layered approach:
MCaaS can identify and enhance data that appears incomplete or incorrect (due to, for instance, the use of abbreviations or missing HS code, etc.).
MCaaS can perform manual and automated screening of cleansed data, including matching HS code to commodity description data, verifying duplicate names, matching names with physical address or legal entities, and checking ‘in transit to’ or ‘on behalf of’ details.
MCaaS enhances data to allow for a more effective screening. For instance, MCaaS can validate the legal entity, where possible, before checking the HS code against the commodity description. MCaaS can also perform a ‘deep dive’ into relevant data like bills of ladings, supplier/customer lists, cargo movements and vessel status.
Marcura Platform Solutions FZE
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Dubai Silicon Oasis,
Dubai, UAE
