As the compliance landscape is expanding further, insurance companies, classification societies, shipowners and operators need a high level of awareness as well as a comprehensive sanctions compliance framework in place to protect themselves.
The sanctions landscape is extremely dynamic, with new entities regularly being added to global lists.
Therefore, any sanctions compliance framework should be flexible and incorporate some of the following elements:
The creation of a positive compliance culture is important. Employees, regardless of their seniority, should be trained to a high level, so that they have an understanding of the sanctions risks and how to identify them, and ultimately mitigate risks.
2. Establish a sanctions compliance policy
Written standards and operational procedures including documenting robust risk assessments should be created to provide a structure for employees. Instructions on the actions to take, checks to conduct when screening a new customer, monitoring steps for existing customers and methods of monitoring updates and changes should be included.
3. Due diligence
Continuous screening on counterparties, cargo or vessels is critical to mitigate sanctions violations
4. Compliance tools
Continuous screening on counterparties, cargo or vessels is critical to mitigate sanctions violations.
Want to learn more about maritime sanctions compliance?
Further details of the areas discussed within this article can be found within our latest report ‘Maritime Compliance – The rapidly changing maritime sanctions compliance landscape’. This guide to industry includes discussion on the landscape as well as sanctions compliance measures and how best to mitigate against the many associated risks.