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Slovakia Tackles Sanctions Risks with Cutting-Edge Technology
In a bid to enhance its ability to mitigate sanctions, compliance, and sustainability risks, Slovakia has turned to innovative technology solutions. At the forefront of this effort is PurpleTRAC, a regulatory technology (RegTech) solution designed to automate, streamline, and record compliance processes.
Streamlining Regulatory Processes
PurpleTRAC’s advanced system enables users to screen vessels, their associated ownership and management, against sanctions and enforcement action watchlists in seconds. This cutting-edge technology also provides real-time monitoring of ship movements, enabling users to detect high-risk activity and prevent illicit transactions.
Key Features:
- Fast and accurate screening: Screen vessels and associated parties against sanctions and enforcement action watchlists in seconds.
- Real-time monitoring: Monitor ship movements in real-time to detect high-risk activity and prevent illicit transactions.
Sustainability Screening Takes Center Stage
With 90% of world trade traveling by sea, shipping is a significant contributor to greenhouse gas emissions. PurpleTRAC’s sustainability screening feature allows users to assess the environmental impact of vessels, providing an essential tool for organizations seeking to reduce their carbon footprint.
Benefits:
- Reduce carbon footprint: Assess the environmental impact of vessels and make informed decisions to reduce your carbon footprint.
- Enhance reputation: Demonstrate a commitment to sustainability and enhance your organization’s reputation.
Real-World Results
Pole Star, a leading provider of maritime risk management solutions, has partnered with Gunvor to leverage PurpleTRAC and strengthen its compliance controls. Madalina Titiriga, Head of Compliance at First Bank, credits the system for enabling her team to assess movement faster and more easily, minimizing the risk of breaching international sanctions.
Awards and Recognition
PurpleTRAC has received recognition from industry leaders, including a prestigious award for its innovative approach to regulatory technology. The solution’s commitment to excellence is reflected in its certification by top-tier organizations.
Awards:
- Prestigious award: Received a prestigious award for its innovative approach to regulatory technology.
- Top-tier certifications: Certified by top-tier organizations, reflecting the solution’s commitment to excellence.
Conclusion
As Slovakia continues to evolve as a key player in global trade, the need for effective sanctions screening software becomes increasingly critical. With PurpleTRAC at the forefront of this effort, organizations can rest assured that they are equipped with the tools necessary to mitigate risks and stay compliant.