A new data platform has been launched by the Baltic Exchange to make due diligence easier than ever when putting shipping deals together.
The database holds millions of records on suspected or known corrupt private and public-sector figures, fraudsters, illicit financiers, money launderers and more.
The platform uses data from Moody’s Orbis for Compliance platform and its Global Regulatory Information Database (GRID), plus other “trusted sources”.
Baltic Exchange CEO Mark Jacksons said: “Due diligence has become an increasingly important aspect for all players in the shipping industry as they look to ensure they are aware of operational risks to their core business and drive compliance standards and practices.
“With vessels carrying high-value cargoes and operating across international borders, we have responded to the needs of our members to develop a KYC [know-your-customer] platform to provide critical risk data to all, including small and medium-sized companies.”
The system is open to both Baltic Exchange members and non-members.
Reports from the system are charged on a pay-as-you-go basis, for which Baltic Exchange members receive a discount.
The new platform is accessible here.
Last week, the international Price Cap Coalition issued new guidance to shipping, advising tanker sellers and brokers to be vigilant in conducting deals that could risk links with the so-called dark fleet.
The latest recommendations by the group — made up of G7 nations, the European Union, Australia and New Zealand — aim to tackle sanctions evasion and address environmental risks posed by the fleet of tankers being used to move Russian crude and petroleum products.
