Dow Jones Risk & Compliance is partnering with Pole Star to integrate the companies’ respective technologies and enhance their users’ ability to analyse risk in the context of maritime trade.
The partnership will allow users of Dow Jones’ trade compliance system to access additional data for vessel screening and monitoring via Pole Star’s PurpleTRAC software. PurpleTRAC provides a vessel’s complete voyage history and screening checks for auditing, combining transponder signals with Inmarsat-based satellite tracking.
“Assessing the risk associated with a trade transaction – from the goods themselves to the vessel and counterparties involved – is increasingly important given regulatory pressures around international trade,” said Guy Harrison, General Manager of Dow Jones Risk & Compliance.
“By combining Dow Jones’ highly structured sanctions and dual-use goods content with Pole Star’s vessel screening and monitoring technology, we are confident that this collaboration will set a new standard in guarding against financial crime in maritime trade.”
The Dow Jones system is used to assess risk with regard to dual-use goods, trade counterparties, vessels and sanctioned cities and ports. It provides coverage of a range of major export control regimes, including the Wassenaar Arrangement, the Chemical Weapons Convention and the US Commerce Control List.
“The PurpleTRAC solution has helped many organisations exposed to shipping achieve best practice in sanctions compliance, in an efficient and cost-effective way,” said Julian Longson, Managing Director of Pole Star.
“As we strive to make maritime trade safe and compliant, forming this mutually beneficial partnership with Dow Jones – the world leaders in third-party risk management and regulatory compliance solutions – is an exciting next step for us.”