Skytek Sanctions solutions are essential to any Risk Based Compliance and Mitigation Framework, providing automated, cost- effective sanctions specific data, facilitating the identification, management, monitoring and mitigation of sanctions risk in a transparent and auditable format, meeting the requirements of the market, law enforcement, regulatory and market authorities.
Skytek goes beyond AIS to provide satellite optical ( Earth Observation) and Synthetic Aperture Radar ( SAR) imagery employing tried, tested, and trusted state of the art Artificial Intelligence , Machine Learning and data analytics unique to Skytek, to analyse current and historical voyage patterns and raise graded automated alerts and Risk Rating highlighting potential “Dark Trade” activities in sanctioned zones, suspicious STS partner vessels, irregular sailing patterns and other recognised Sanctions Evasion Tactics .
Employing Skytek Sanctions solutions demonstrates management commitment to sanctions compliance and risk mitigation, saves time and money by reducing false positives, facilitates informed risk assessment, enhances internal controls and provides a solid platform for training, testing and auditing.
At the same time this user- friendly technology automates Sanctions Screening, reduces the Operational Risk (the failure of people, processes, systems and controls) of inadvertent sanctions breach, protects against civil and criminal penalties, regulatory intervention and reputational damage.
Key Features
Skytek Sanctions Solutions provides actionable, decision- making, science-based data which converts suspicions to evidence.
- Market leading technology
- Designed by industry recognised space technologists
- Artificial Intelligence, Machine Learning, bespoke algorithms
- EO Imagery (Optical or SAR) of dark vessels
- Available 24/7/365 Day and Night
- Scalable data and analysis to meet individual requirements
- Individual vessels, portfolios and fleets
- Hull, Machinery, Cargo and War Risk coverages
- Encompasses both the Underwriting and Compliance Cycle
- Worldwide operation High Risk areas and ports
- Ongoing Monitoring of Sanctions Evasion Tactics
- Generates Automated Alerts
- Unique Sanctions Risk Rating
- Reduces false positives
- Current and historical data
- Aligns policies, processes, procedures and controls with sanctions laws and guidance
- Testing, Training, Audit.
- Validation of third- party data
Designed to be employed throughout the underwriting cycle
- Pre-bind screening processes
- Due Diligence and Enhanced Due diligence
- Post- bind monitoring
- Contractual clauses restricting High Risk activity
- Compliance Reporting
- Claims and dispute resolution support
Sanctions Risk Rating
Through analysis of internationally recognised Sanctions Evasion Tactics Skytek’s unique Sanctions Risk Rating can be applied to individual vessels and worldwide fleets, owners and ship operators, amongst others, to support the decision as to whether or not to underwrite, premium setting, triggering due diligence and enhanced due diligence, notifications to relevant authorities and guiding claims payments.
Risk Factors - Sanctions Evasion Tactics - Red Flags
Skytek ‘s Sanctions Risk Rating incorporates numerous practices which may or may not breach sanctions requirements, but which are internationally recognised as connected to illicit or suspicious shipping activities associated with sanctions busting.
Risk factors or “Red Flags” include:
- Ship-to-Ship transfers
- AIS intentional disabling or manipulation of Automatic Identification Systems
- Vessel and Voyage Irregularities
- Use of front or shell companies
- Complex ownership or management structures
- False Flags and frequent flag changes
- Fraudulent or false cargoes
- Associated Sanctions Risk – current and historical vessel / voyage data
- Validation and support of third- party data
- Falsified documents- supporting the documentation verification process with actual data from the vessel or voyage
Sanctions Laws, Regulations & Market Guidance
Skytek Sanctions facilitates compliance with multi-national, regional and local laws, regulations and guidance and can be tasked to include the specific requirements of multiple countries, as updated from time to time.
- United Nations,
- US OFAC Department of the Treasury, Department of Justice, US Coastguard.
- UK HM Treasury
- Bermuda and other UK Overseas Territories
- Switzerland
- Australia
- Market requirements (e.g. Lloyd’s)
- FATF
Response & Controls
- Due diligence and Enhanced Due Diligence
- Hull and Cargo Questionnaires
- Monitoring
- Reporting
- Supply Chain analysis
- Sanctions clauses – evidential support establishing (non) compliance with Sanctions Clauses
- Testing, Training, Audit-Internal and External
Services To
- Law Enforcement and Government agencies
- Ship Registration Flag States
- Underwriters
- Direct and Reinsurance (Treaty and Facultative)
- MGA’s
- Delegated Authorities/ Coverholders
- Claims Management /Dispute Resolution
- Shipowners/ Managers/Operators
- Freight Forwarders
- Port Operators
Reporting Procedures
Internal Governance and Controls
- Management Information
- Compliance and Board of Directors
- Environmental and Social Governance – ESG
External Filings and Notifications
- Regulatory and Market Authorities
- Financial Crime – Suspicious Activity Reporting
- Export Controls
- Proliferation and Counter Terrorist Financing
- Flag Registries
- Industry Information sharing
Screening
- High Risk Areas
- Sanctions Evasion Tactics – Red Flags
- Trade Screening – vessel and cargo tracking and monitoring
- Enforcement
