Keep your business sanctions compliant

Classification societies are the lynchpin of the maritime sector, but ensuring compliance with global sanctions regulations remains a critical yet challenging task. Complex vessel ownership structures, evolving flag registries, and the need to verify vessels against an increasing number of sanctions lists significantly burden compliance teams. These risks can lead to fines, legal consequences, and even reputational damage when left unchecked.

This case study explores how a leading classification society overcame these challenges by partnering with Lloyd's List Intelligence to enhance its sanctions compliance processes. By leveraging advanced data-driven solutions, the society could streamline its due diligence investigations, reduce time spent on compliance checks, and ensure that it remained vigilant of potential violations.

To help address these challenges, Lloyd's List Intelligence designed and implemented a tailored sanctions compliance solution for the classification society. This solution provided real-time access to vessel movement data, ownership structures, and sanctions lists, helping the society streamline its compliance processes.

Core aspects of the solution included:

• Advanced data-driven insights: Lloyd's List Intelligence offered a complete view of vessels, including complex ownership structures, and helped society identify and navigate potential risks.
• Real-time vessel tracking: With access to comprehensive real-time vessel tracking data, the society could precisely monitor vessel movements, flag registries, and sanctions risks.
• Automated compliance processes: The solution automated many of the manual steps involved in compliance checks, reducing the time spent on investigations while improving accuracy.
• Comprehensive risk assessments: The society could view detailed ownership information, including registered owners, beneficial owners, and commercial operators, all in one place.

By implementing these features, Lloyd's List Intelligence helped the classification society streamline its sanctions compliance efforts, significantly reducing its exposure to regulatory risks.

Following the implementation of our custom-built sanctions compliance solution, the classification society saw significant improvements in its ability to manage compliance risks and ensure sanctions adherence, resulting in:

• Reduced investigation time: Compliance checks that previously took hours to complete were reduced to just 20 minutes, allowing the team to increase the volume of investigations significantly.
• Increased operational efficiency: By automating critical aspects of the compliance process, the society saved approximately 25 hours per week in manual labour.
• Enhanced risk detection: The society gained the ability to identify and mitigate potential sanctions risks earlier, reducing the likelihood of regulatory violations and associated fines.
• Improved compliance posture: With access to real-time vessel data and ownership insights, the society improved its overall compliance posture, staying ahead of evolving regulations and sanctions risks.

We’re increasingly held accountable for any illicit vessel behaviour. Lloyd’s List Intelligence ensures we’re never the last to know.
Head of Legal

Key benefits of Lloyd’s List Intelligence’s sanctions compliance solution

• Advanced data-driven features: Highlights potential risks and supports compliance efforts through comprehensive vessel and ownership data.
• Real-time tracking: Comprehensive checks effectively monitor vessel movements, flag registries, and ownership structures.
• Automated compliance checks: Streamlines the investigation process, reducing time spent on manual checks and improving efficiency.
• Integrated ownership information: Offers a clear view of registered owners, beneficial owners, and commercial operators, enabling better decision-making.
• Reduced investigation time: A significant decrease in the time spent on compliance checks meant the compliance team saved valuable hours every week.