Singapore-based RightShip is adding sanctions screening to its vetting tools in a tie-up with the London Stock Exchange Group (LSEG).
The ship-vetting powerhouse says the partnership will integrate LSEG’s World-Check into RightShip’s digital maritime platform and vetting workflows.
This will allow end-users, including charterers, financial institutions, traders, port authorities and shipowners’ to screen and assess vessels and the maritime companies that they do business with for risks associated with sanctioned or embargoed vessels.
“In recent years, many shipping companies have been caught evading trade sanctions related to oil, arms and other restricted items, as well as broader international sanctions,” RightShip said.
“To address this, World-Check will enhance RightShip’s vetting processes with a well-organised database containing more than 4m records.
“Additionally, its team of over 400 specialists is equipped to track emerging risks globally in real-time, offering companies improved oversight and clarity on their risk exposure,” the company added.
RightShip said the integration will encompass all maritime vessels listed on sanctions watchlists and enforcement lists.
This includes information on vessels that are registered in, linked to, or flying the flag of a sanctioned country or entity.
When applicable, it will also cover details of the registered owners and beneficial owners connected to these vessels, ensuring comprehensive coverage and transparency.
“Transparency, supported by data, is crucial for addressing the increasing challenges and scrutiny in the shipping sector’s governance,” RightShip chief executive Steen Lund said.
“By collaborating with top maritime due diligence and sanctions intelligence providers, we’re offering our customers a vetting solution that fills the gaps in their shipping risk management workflows.”
RightShip is the latest company in the maritime space to integrate LSEG’s risk management tools into its own product offering.
Maritime AI company Windward recently announced it would include the LSEG’s World-Check One data for comprehensive counterparty risk screening.
Windward said the partnership addresses the growing demand for a unified approach to compliance, particularly in light of expanding sanctions regimes.
The ongoing conflict in Ukraine has led to a slew of increasing sanctions placed on Russia and Russian entities by Western countries.
