Firco Trade Compliance Ship Enforcement Alerts (SEA)
As vessels themselves can be the subject of sanctions, it is important that trade finance checks can reference all vessels associated with sanctioned countries. This association can be based on flag, port of registry, or country of economic benefit, as well as companies connected to the sanctioned country— whether by domicile, country of control, or country of registration. Once sanctioned, vessels often change their names, adding to the complexity of the task.
Trade Compliance SEA provides customers with an accurate and reliable notification system to monitor a vessel and its global port calls. Trade Compliance SEA covers over 60,000 unique vessels involved in global commodity shipment. These vessels can be tracked in real-time and historically to ascertain any visit to an OFAC sanctioned port. A user will receive an email notification to alert them to any adverse activity (which will also be mirrored in Compliance Link), with updates to information occurring every 4 hours. It ensures that users have up-to-date and accurate information at hand to support their trade compliance efforts.
In addition, the Trade Compliance SEA product will provide a passive approach to vessel alerting. This passivity means that users can add a number of vessels to their tracked portfolio and then leave the product algorithm to alert on any rogue port visits as they happen.