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Thailand’s Shipping Industry Turns to Sanctions Screening Software
Automating Compliance Processes
Bangkok, Thailand - The shipping industry in Thailand is growing rapidly, but companies are facing increasing pressure to ensure compliance with international sanctions regulations. In response, many are turning to cutting-edge sanctions screening software, such as PurpleTRAC, to mitigate risk and streamline regulatory processes.
PurpleTRAC’s regulatory technology solution is designed with industry experts to enable the automation of compliance processes, providing a streamlined and efficient way for companies to screen vessels, their associated ownership, and management against sanctions and enforcement action watchlists. The software utilizes patented persistent tracking technology to provide an accurate picture of maritime trade exposure within an easy-to-use, web-based solution.
Key Features of PurpleTRAC
- Automates compliance processes
- Utilizes patented persistent tracking technology
- Provides a streamlined and efficient way for companies to screen vessels and ownership against sanctions and enforcement action watchlists
Screening for Sanctions and Illegal Activity
The software allows users to screen a vessel’s history, including its port state control record, and monitor real-time activity for high-risk points of call or suspicious behavior. Additionally, PurpleTRAC can generate an audit trail to demonstrate best efforts in compliance, providing peace of mind for companies operating in the shipping industry.
Benefits of PurpleTRAC
- Screens vessels and ownership against sanctions and enforcement action watchlists
- Monitors real-time activity for high-risk points of call or suspicious behavior
- Generates an audit trail to demonstrate best efforts in compliance
Carbon Emissions Screening
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 screen vessels against environmental regulations using CarbonChain’s emissions calculations and greenhouse gas emissions data, providing a comprehensive picture of a vessel’s environmental impact.
Environmental Benefits of PurpleTRAC
- Screens vessels against environmental regulations
- Provides a comprehensive picture of a vessel’s environmental impact
- Utilizes CarbonChain’s emissions calculations and greenhouse gas emissions data
Partnership with Pole Star
Gunvor, a leading energy trading company, has partnered with Pole Star, the developer of PurpleTRAC, to strengthen and refine their compliance controls. “Using the PurpleTRAC system and with support from Pole Star, our Compliance Officers can assess the movement of goods faster and more easily,” said Madalina Titiriga, Head of Compliance at First Bank.
Increased Demand for Sanctions Screening Software
As the shipping industry in Thailand continues to grow, companies are under increasing pressure to ensure compliance with international sanctions regulations. With PurpleTRAC’s sanctions screening software, companies can mitigate risk and streamline regulatory processes, ensuring a safer and more sustainable future for the industry.
Benefits of Using PurpleTRAC
- Mitigates risk
- Streamlines regulatory processes
- Ensures a safer and more sustainable future for the industry
Case Study: Gunvor’s Experience with PurpleTRAC
Gunvor, a leading energy trading company, has partnered with Pole Star to strengthen and refine their compliance controls. Using PurpleTRAC’s sanctions screening software, Gunvor’s Compliance Officers can assess the movement of goods faster and more easily, minimizing the risk of breaching international sanctions.
Conclusion
The shipping industry in Thailand is facing increasing pressure to ensure compliance with international sanctions regulations. With PurpleTRAC’s sanctions screening software, companies can mitigate risk and streamline regulatory processes, ensuring a safer and more sustainable future for the industry. As the demand for sanctions screening software continues to grow, companies must stay ahead of the curve to remain competitive and compliant.