Sanctions compliance has become an increasingly complicated concept in recent years, so much so that real-time technology is now a must for trade finance organisations that wish to fully assess the end-to-end risks in each transaction.
The big change in the industry came with the introduction of the OFAC (Office of Foreign Assets Control) sanctions advisory in 2020, which targeted the wider maritime industry. While non-binding, it was significant in that it moved charterers, brokers, flags,...