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 Accuityâs 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 organizationsâ customer and transaction screening and interdiction filtering processes and is ready for incorporation within any internally developed or vendor-provided filtering engine.
âBecause banks and other financial institutions have an obligation to effectively screen for sanctioned entitiesâeven when the original names of vessels have been changedâit is vital that they possess the most comprehensive data available that will allow them to cross reference changed names to the original source,â says Brent Newman, managing director of Accuityâs product and data groups. âBy employing Accuityâs 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.â