RiskScreen is utilised by shipping companies to achieve optimal financial crime compliance and reputational risk management with maximum efficiency.
The shipping industry may not appear to be vulnerable to money laundering exploitation but it is. Trade Finance is a term used to describe the financing of operations undertaken to facilitate trade or commerce, which generally involves the transportation of goods between two locations. The vast majority of the world’s goods are moved by ship and as Trade Finance is an established and widely used money laundering methodology shipping, by extension is vulnerable. Furthermore shipping companies need to be alive to the risk of Sanctions in order to avoid the possibility that they are either engaged in business with sanctioned entities or transport sanctioned goods.