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Liberia Turns to Advanced Sanctions Screening Software to Mitigate Risk

In a bid to bolster its anti-money laundering and counter-terrorism financing efforts, Liberia has begun utilizing cutting-edge sanctions screening software designed specifically for the maritime industry.

Streamlining Regulatory Processes

PurpleTRAC, a pioneering regulatory technology solution developed by Pole Star, is a leading provider of risk intelligence services. The advanced software enables real-time monitoring of vessel activity, screening against international sanctions and enforcement action watchlists, as well as environmental regulations.

Here are some key features of PurpleTRAC:

  • Persistent tracking technology: provides an accurate picture of maritime trade exposure within a user-friendly web-based solution with API and DLT compatibility
  • Automated compliance processes: streamlines regulatory procedures, making it easier for financial institutions to conduct thorough checks on vessel ownership and management
  • Real-time screening: allows for instant checking against sanctions and enforcement action watchlists

Enhanced Sustainability Screening

The software also empowers users to calculate the carbon emission output and environmental impact of each transaction, providing a comprehensive view of regulatory risks faced by organizations with exposures in maritime trade.

Here are some key benefits of PurpleTRAC’s sustainability screening capabilities:

  • Accurate carbon emissions calculation: helps users navigate the complexities of environmental regulations
  • Comprehensive risk assessment: provides a detailed view of regulatory risks faced by organizations in maritime trade
  • Informed decision-making: enables users to make informed decisions about their environmental impact

Implementation and Impact

The successful implementation of PurpleTRAC in Liberia marks a significant milestone in the country’s efforts to strengthen its anti-money laundering and counter-terrorism financing framework.

Here are some quotes from key stakeholders:

“We are committed to ensuring that our regulatory framework is robust enough to prevent illicit activities. With PurpleTRAC, we can now conduct thorough checks on vessel ownership and management, as well as screen against sanctions and enforcement action watchlists in real-time.” - Senior official from Liberia’s central bank

“Using the PurpleTRAC system and with support from Pole Star, our Compliance Officers can assess the movement of goods faster and more easily. They can therefore make quicker decisions, minimizing the bank’s and our customer’s risk of breaching international sanctions.” - Madalina Titiriga, Head of Compliance at First Bank

As Liberia continues to adopt advanced technology solutions like PurpleTRAC, it is well-positioned to meet its regulatory obligations while promoting a safer and more sustainable global trade environment.