PwC enters new shipping agreement

PwC said it is working with Pole Star to explore new ways to assist financial services companies involved in maritime trade, including trade finance.

Through access to Pole Star’s sanctions compliance screening and vessel tracking solution, clients can manage their sanction-related risk and compliance issues quickly and easily.

Pole Star’s PurpleTRAC solution screens ships and their associates for sanctions compliance and monitors historical and real-time movements.

Commenting on the alliance, PwC forensics director Ben Luddington said: “With 90% of world trade transported by sea, and trade increasingly being used as a mechanism to facilitate financial crime, the need for technology to help solve compliance challenges is more crucial than ever.

“We believe Pole Star’s innovation may help many of our clients tackle their sanction-related risk and compliance issues.”

Pole Star managing director Julian Longson said:“The PwC - Pole Star strategic alliance is a powerful proposition that brings together PwC’s corporate experience and industry knowledge with Pole Star’s maritime intelligence experience and the FinTech innovation of our PurpleTRAC sanctions compliance and risk management product.

“Both firms have recognised this unique market position to the extent we believe that the sector will benefit from our collaboration - and to this end we are looking forward to working with the PwC Forensics and Corporate Intelligence teams.”