Panama Flag Adopts Pole Star’s Sanctions Compliance Tool
Ship registry operations have become increasingly complex as the pervasive effect of economic sanctions causes state and private shipping operators to be less transparent with regulators with respect to the beneficial ownership and operation of vessels. As a result, regulators are keenly monitoring the maritime sector and flags in particular to ensure their internal processes meet best practice guidance. Leading from the front and demonstrating its innovative credentials is the Panama Maritime Administration (AMP), which has adopted Pole Star’s multi-award winning PurpleTRAC solution to ensure compliance to international sanctions across its registry operations and is the first in the sector to do so.
“It is very important that we are able to ensure that our business is able to comply with an ever increasing and complex regulatory landscape,” said Fernando Solorzano, director general of Panama Vessel Registry. “As the world’s largest flag, we felt it was essential for us to lead our industry by adopting these new technologies that can protect our teams and our clients, and ensure that all efforts are made to comply with sanctions and regulatory policy worldwide.
“The Pole Star PurpleTRAC solution enables us to screen our entire fleet on a daily basis, ensuring we have the clarity we need to comply,” Solorzano added.
“Pole Star has been providing long-range identification and tracking services to over 50 flags since 2008—in essence, global persistent ship tracking of their registered fleets,” said Julian Longson, Pole Star’s managing director. “Over this period has become a trusted party through understanding the challenging geopolitical world in which they operate. It is in this context that I am delighted that our PurpleTRAC solution has been adopted by the AMP to simplify, streamline, and record their compliance process. As a result of this collaboration and confirmation that the product is highly effective we will now promote PurpleTRAC to the wider sector.”
Pole Star’s PurpleTRAC solution has been designed and built in conjunction with institutions that have regulatory and sanctions exposures in maritime transportation and supply chains. The platform allows users to screen and monitor large numbers of vessels used for sea trade on a daily basis, automating complex compliance processes and generating an auditable record of their compliance with international trade sanctions.
United Nations Security Council advisories have referenced PurpleTRAC for defining best practice on these processes and it has been awarded for innovation in maritime regulatory technologies by the Monetary Authority in Singapore, Microsoft, and Citibank.
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