AIS Outages & Sanctions Compliance Whitepaper

The U.S. Treasury Office of Foreign Assets Control (OFAC) and the United Kingdom’s Office of Financial Sanctions Implementation (OFSI) advisories on shipping published in May and December 20201, respectively, contained a number of new recommendations for financial institutions (FIs) to recognise and implement. Many of the risk factors that FIs are encouraged to appreciate include specialist maritime information not readily available or widely known within the banking or insurance sector. For example, identifying commodities and trade corridors where transshipment and ship-to-ship (STS) transfers take place...

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