Panama first to implement Pole Star’s PurpleTRAC

By Curious

The Panama Maritime Authority (PMA) has turned out to be the first port state to apply Pole Star’s PurpleTRAC sanctions compliance and risk management function.

The latter has been incorporated in its general port risk management strategy and as a preliminary mechanism against Ebola spread-out. PMA’s risk management strategy includes the requirement that all ships, planning to visit a Panamanian port are expected to post arrival data into the PMA’s system. To improve the process, the PMA will apply PurpleTRAC to monitor port arrivals and transits in order to assure following of regulations as economic sanctions and avoidance of disapproved ports. It is important that the system will produce Ebola-risk notices for ships that have paid a call at countries with severe Ebola outbreak by the World Health Organization’s standards. These countries currently include the West African countries of Guinea, Liberia and Sierra Leone. If a vessel has visited these countries within the last 90 days, an automatic system signal will instigate a thorough ship inspection by the PMA, the Panama Coast Guard and the Ministry of Health. Approximately 9,000 ships visit Panama port each year.

According to Andrew Peters, Main Executive Officer of Pole Star, the company is happy to work with the Panama Maritime Authority, Panama being the country with the most registered ships. The company and PMA supply services necessary for the improvement of Panama’s risk management strategy. This emphasizes PMA’s desire to use new solutions and to invent best management practice.

This is also a proof of the innovative technology used by the system as well as the ability to supply the product and thus bring perceivable advantages to the maritime industry.

The system is a broad ship-centric service concerning risk management and economic sanctions compliance. It operates in banks, finance companies, international trading and shipping companies, ship financers, insurers, Flags and Port -State agencies. The purpose is to strengthen their KYC/AML best practice and suppress the risk of money laundering and terrorist financing.

The principle of the system’s operation is the screening of ship’s IMO number against a list of international economic sanctions, SDNs and PEP’s. It monitors ship’s last 90-days trading activity, including ports that the ship has visited. Many Port State Control databases are analyzed and referenced to come up with solid evidence and finally produce a report of ship’s past and present risk exposure.