Accuity, the leading provider of payment routing data, AML screening software and services, has announced an enhancement to Global WatchList (GWL), its industry-leading collection of regulatory and enhanced due diligence lists, that enables customers to conduct comprehensive screening for blocked vessels even if they change their names. This enhanced data, which is collected from multiple sources, is designed to identify blocked vessels regardless of whether a ship’s owners change its name in response to being listed on the Office of Foreign Asset Control (OFAC) Specially Designated Nationals (SDN) list.
Periodically, vessels are added to the SDN list but updates to this type of entity are infrequent. In order to avoid being identified as a sanctioned entity, many vessels' owners simply change the names of their ships once a sanction is issued. Accuity has enhanced its GWL database with data from official ship registers and other sources to ensure comprehensive screening and effective identification of blocked vessels operating under multiple or changed names. This capability is critical as OFAC can fine or otherwise penalize a firm for not blocking a transaction with a sanctioned vessel, regardless of whether it has been publicly listed.
Part of Accuity’s Compliance Suite, Global WatchList is a proprietary collection of caution lists that aggregates entities compiled from dozens of regulatory and enhanced due diligence lists from around the world. With 100% coverage of all sanctions lists worldwide and a wide array of EDD lists offered, Global WatchList provides the ideal framework for an organizations’ customer and transaction screening and interdiction filtering processes and is ready for incorporation within any internally developed or vendor-provided filtering engine.
“Because banks and other financial institutions have an obligation to effectively screen for sanctioned entities—even when the original names of vessels have been changed—it is vital that they possess the most comprehensive data available that will allow them to cross reference changed names to the original source,” says Brent Newman, managing director of Accuity’s product and data groups. “By employing Accuity’s ability to collect and verify information on a global scale, this new enhancement to Global WatchList furthers our mission to provide our customers with the tools they need to decrease their risk of inadvertently assisting illegal activity.”
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