Baltic Exchange has launched a Know-Your-Customer (KYC) platform to offer the maritime sector improved access to company data in support of increased regulatory obligations across the industry.
KYC is a regulatory requirement in the banking and financial services sectors to ensure businesses do their due diligence on customers to prevent fraud, money laundering, and terrorism financing.
Shipping’s status within global trade means that fraud risks needs to be managed within that framework, while compliance with regulatory sanctions has also become increasingly important, particularly with regard to reputational management and liability.
The new KYC platform has now been launched following a multi-year development project, with the aim of allowing members and non-members to efficiently conduct KYC procedures and due diligence checks tailored to maritime industry requirements.
To provide the most up-to-date and relevant information available, Baltic Exchange has partnered with Moody’s to utilise its Orbis for Compliance database, which covers more than 445 million entries both in shipping and non-shipping, along with its Global Regulatory Information Database (GRID), which provides more than 12 million records on known or suspected corrupt private and public sector figures, fraudsters, illicit financiers, money launderers and more.
“Due diligence has become an increasingly important aspect for all players in the shipping industry as they look to ensure they are aware of operational risks to their core business and drive compliance standards and practices,” said Mark Jackson, Chief Executive Officer of Baltic Exchange.
“With vessels carrying high-value cargoes and operating across international borders, we have responded to the needs of our members to develop a KYC platform to provide critical risk data to all, including small and medium-sized companies.”
“Crucially, the launch of this platform reinforces Baltic Exchange’s position as a leading provider of critical maritime data, enabling our members to make more informed decisions and mitigate any risks.”
