Baltic Trade has launched a Know-Your-Buyer (KYC) platform to offer the maritime sector larger entry to firm knowledge to help knowledgeable resolution making and meet elevated regulatory obligations.
KYC is a regulatory requirement within the banking and monetary companies sectors to make sure companies do their due diligence on clients to forestall fraud, cash laundering, and terrorism financing. With delivery an important a part of world commerce, the necessity to handle the chance of fraud, and compliance with regulatory sanctions has change into paramount, notably surrounding reputational administration and legal responsibility points.
Baltic Trade launched the platform following a multi-year improvement venture. It seeks to make sure that members and non-members can effectively and successfully conduct KYC procedures and due diligence checks tailor-made to the maritime trade and past.
To supply probably the most up-to-date and related data accessible, Baltic Trade has partnered with Moody’s, the internationally recognised monetary companies and danger perception platform, to utilise its intensive Orbis for Compliance database, which covers greater than 445 million entries each in delivery and non-shipping, together with its World Regulatory Info Database (GRID), which supplies greater than 12 million information on recognized or suspected corrupt personal and public sector figures, fraudsters, illicit financiers, cash launderers and extra.
The necessity for an in depth and maritime-specific KYC platform has been rising in recent times owing to the worldwide rise of sanctions compliance, anti-money laundering (AML) and counter-terrorist financing (CTF) necessities, and operational danger administration wants that firms are regularly having to adjust to.
“Due diligence has change into an more and more essential facet for all gamers within the delivery trade as they give the impression of being to make sure they’re conscious of operational dangers to their core enterprise and drive compliance requirements and practices. With vessels carrying high-value cargoes and working throughout worldwide borders, now we have responded to the wants of our members to develop a KYC platform to offer essential danger knowledge to all, together with small and medium-sized firms,” stated Mark Jackson, Chief Govt Officer of Baltic Trade.
“Crucially, the launch of this platform reinforces Baltic Trade’s place as a number one supplier of essential maritime knowledge, enabling our members to make extra knowledgeable choices and mitigate any dangers,” he added.
The Baltic Trade KYC Platform is offered to each members and non-members who can buy credit as a way to undertake the required checks and scans. Baltic Trade members obtain a credit score low cost when utilizing the KYC platform.
To seek out out extra concerning the Baltic Trade KYC Platform, go to the hyperlink under:
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