Vessel compliance and due diligence programs are a commitment to support your central business mission.
Ultimately, a strong risk-based due diligence program can help ensure your shipping and logistics organization “knows its vessels” and feels confident about having a relationship with them without risking regulatory scrutiny. Furthermore, it’s important that your organization is prepared to respond swiftly and efficiently should an issue arise.
While the number of vessels and fleets subject to international sanctions is relatively small and easy to identify, there are many more that may fall outside an organization’s risk appetite, possible preventing organizations from doing business with certain fleets or vessels. These risks can be heightened when a vessel operates in a remote or unfamiliar geography or is registered in one of the many jurisdictions where registers are non-transparent and poorly maintained. Given the multifaceted and insular nature of the maritime industry, standard due diligence on vessels and their related parties may not reveal ties to governments, entities, and individuals that are sanctioned. A specialized approach is needed.
To learn more about keeping your vessel supply chain compliant and mitigating reputational and regulatory risk, reach out to our maritime due diligence experts today.
Over decades of work with clients across diverse sectors whose businesses rely heavily on global supply chains, Kroll has noted that many commercial vessels have a heightened level of reputational risk associated with them. Recent in-house analysis has found a significant number of vessels that are beneficially owned or controlled by politically exposed persons (PEPs) and state-owned enterprises (SOEs), which many banks and financial institutions consider to represent higher levels of risk in transactions. Kroll’s global investigations team has experience in conducting complex supply chain audits, handling FCPA and bribery investigations, and responding to whistleblower allegations.
Kroll helps clients navigate the complexities of today’s regulatory environment through a broad suite of anti-money laundering compliance screening and due diligence offers.
Determine which due diligence product best fits your needs.
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