Pole Star’s PurpleTRAC sanctions compliance and risk management system has now been made available to companies using the Networked Trade Platform (NTP) in Singapore, a trade and logistics ecosystem founded to support digitalisation efforts in the port state.
Designed as an open digital platform, the NTP allows service providers like Pole Star to develop and introduce applications into the trade ecosystem to make them more accessible to transport chain stakeholders trading through Singapore.
Pole Star’s PurpleTRAC is used to digitally manage shipments and trade compliance, to ensure that vessels comply with relevant sanctions and regulations.
The system screens vessels, flag, ownership and management, as well as current and past exposures, against a database of global economic sanctions and other watch lists. It can also monitor ship movements in near real time through hybrid satellite tracking technologies.
Significant events can be detected and alerted throughout a vessel’s voyage, with continuous daily screening against a range of databases. Automated auditable reports are additionally generated, for demonstration of compliance.
